MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, November 24, 2000 Swiss Manager Snaps Up FundStreet.com Zurich-based FundStreet.com, site devoted to assisting high-net-worth investors fund investment managers, is the latest startup to sell. In this case the buyer is AIG Private Bank, the Swiss asset management unit of American International Group. Terms of the deal were not disclosed. AIG Private Bank is listed on the site as a "platform partner", along with Banque Edouard Constant (BEC) and Deutsche Asset Management. The site offers more than 20 funds, including some managed by Pictet & Cie, Bloomberg reported. It targets investors with more than $400,000 in assets. The service will provide a technological platform to allow AIG to compete with UBS AG and Credit Suisse Group, which already announced similar services. FundStreet seems to be building into the same niche that is occupied by RunMoney, PrivateAccounts, SeparateAccounts and MyMoneyPro in the United States. Fidelity purchased MyMoneyPro in August and E*Trade purchased PrivateAccounts a week later. FundStreet describes itself as "an interactive fund advisor on the Internet. It provides customers with investment proposals, either neutral or based on the products of a particular provider, and allows them to open and run fund accounts with a Swiss bank." Printed from: MFWire.com/story.asp?s=25996 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |