MutualFundWire.com: E*Trade Debut
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Thursday, September 06, 2001

E*Trade Debut


E*Trade is expected to debut its eAdvisor advice product to a limited number of clients this month. The product is the result of a joint effort with Ernst & Young. E&Y will provide its personal financial consultants for the high touch end of the alliance. The service was initially planned for late last year, but that date was the victim of technical difficulties and the economic slowdown, according to the Wall Street Journal.

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What's in a title? A lot it seems. E*Trade Group may be unintentionally taking the passive route to payroll downsizing by deflating titles, suggests the Wall Street Journal. The paper reports that 16 acquisitions have left the firm with too many high-level titles. The eBroker now has roughly 85 vice presidents and directors and 300 business managers, down from around 170 and 600 before the deflation.

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Prudential Securities is set to close a deal to acquire New York-based brokerage house Gruntal & Co., reports the New York Post. The paper reports a price tag in the $60 million to $70 million range. Gruntal was last in play a year ago, but went off the market after talks with Questor Management Company broke down. Chase's Beacon Group is the advisor for Gruntal.

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AIG will cut staff after it acquires American General. The 1,500 job cuts will be spread over the next 12 to 18 months. The combined firms now employ 85,000.

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Value funds continue to perform best through August, according to Standard & Poor's. Telecommunications services and technology funds showed the sharpest declines in August. The average US equity fund dropped 15.4 percent compared to a 13.5 drop in the S&P 500 index and a 26.9 percent plunge in the Nasdaq.

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Deutsche Asset Management (DeAM) hired Steven L. Bossi, and Lance B. Babbit as directors in its Fund of Funds team reporting to Ray Nolte. It also promoted Mustafa A. Jama and John J. Gallagher, Jr. to director in the group. Bossi had been president of AI International, while Babbit joins DeAM from Banc of Americas Securities in San Francisco where he was vice president.


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