E*Trade moves to wholesale funds
E*Trade is to offer its US clients with $100,000 to invest access to private fund managers at a reduced fee, following the purchase of US-based PrivateAccounts.com.
According to Dow Jones news wires, E*Trade bought the start-up financial services group to boost its service line-up for financial advisers and what it calls its business market clients.
PrivateAccounts enables clients to evaluate, select and monitor the ongoing performance of wholesale fund managers. In the past, access to wholesale fund managers in the US has been reserved for individuals with more than $US1,000,000 to invest. E*Trade intends to offer access for those with as little as $US100,000 to invest.
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