Eagle Investment Systems has released an updated version of its Eagle PACE, a web-based data and portfolio management suite. The new version of the suite features: performance metrics for mutual funds, new analytical tools and reports, new personalization features for Eagle Portal, and other various improvements and additions.
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TD Waterhouse is giving pink slips to nine percent of its workforce or 600 unlucky employees, the result of a downturn in retail investor activity, according to yesterday's Wall Street Journal
. The brunt of the cuts will affect customer service representatives, though corporate technology workers will be affected to a lesser extent. TD Waterhouse is shutting down its Chicago call center in addition to closing 17 retail offices. As a result, TD will no longer have a retail presence in each of the 50 states. TD Waterhouse had hoped to cut 18 percent of its staff by October through attrition, although it is evident that they have resorted to less pleasant means. TD is trying to streamline their operation through a greater reliance on technology.
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Following its merger announcement this past April, First Union has announced that its shareholders have approved the merger with Wachovia, a merger of equals.
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Deutsche Bank is selling its National Discount Brokerage or ndb.com to Ameritrade for $154 million in stock or $487 for each of NDB's 316,000 brokerage accounts. Ameritrade expects an eight percent jump in trading activity as a result of the acquisition. The online brokerage industry is suffering from trading inactivity amidst the market slump.
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Stephen Lurito, fund manager for the $1.39 billion CS Warburg Pincus Emerging Growth Fund and Federico Laffan, co-manager for the CS Warburg Pincus Global Post-Venture Capital Fund, have both left Credit Suisse's asset management division in unrelated departures, says Investor News Services. Both managers ended up at Credit Suisse when it acquired Warburg Pincus Asset Management. Sammy Oh and Roger Harris will take over Lurito's responsibilities at the Emerging Growth Fund while a slew of co-managers will share Laffan's responsibilities for the Post-Venture Capital Fund.
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