Bear Stearns has joined up with investment advisors, Netfolio, to become Netfolio's trading and custody provider offering investors a wider range of services, products and advice.
The alliance, due to take effect from April this year, will allow Netfolio customers to use Bear Stearn's brokerage services so they can perform transactions within a basket-based personal fund, i.e. a 'basket' of hand-picked equities. Web-based advice on how to set up a personal fund tailored to investors' strategies will also be on offer. Netfolio says its investors are not obliged to trade through Bear Stearns but if they wish to they can trade for a basic $200 annual fee.
Investors wishing to subscribe to Netfolio must meet a $5,000 account minimum. Netfolio says it is providing the extended personal fund service as a less costly alternative to wrap accounts and mutual funds. The company's director of marketing and brand management, Ari Rosenbaum, said personal funds have the advantage over mutual funds because they allow for more transparency as investors can check their holdings in 'real-time'. With mutual funds, there is generally only a periodic opportunity to view their holdings.
Bear Stearns specialises in 'corporate finance, mergers and acquisitions, equity and fixed-income sales and trading, private client services, derivatives, securities research, asset management, foreign exchange, and futures sales and trading.'
The company says that it has prioritised the development of e-commerce
which it sees as a vital element in the growth of new franchises.
It has appointed an E-Commerce Division which is a centralized
unit responsible for directing e-commerce-related activities at
the firm and overseeing the firm's investments in online businesses
and technologies.
Based in New York, Bear Stearns has around $175 billion under management with branches throughout the United States and major finance centres throughout the world such as Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, São Paulo, Shanghai, Singapore and Tokyo.
More information can be obtained from Netfolio at: http://www.netfolio.com
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