OH MY GOD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ETrade becoming dominant online broker, it says
Source: SYDNEY, Jan 14 AAP
Published: January 14 2007, 4:55PM
Strong organic growth and the acquisition of HSBC has pushed Australian online broker ETrade closer to becoming a dominant force in the market.
Last week ETrade - 35 per cent owned by ANZ bank - forecast a half-year profit increase to December 31, of 15 to 20 per cent and expected double digit growth for the second half as well.
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This has gone from sublime to patience to ridiculous.
Chairman Kerry Roxborough said HSBC Stockbroking (Australia) Ltd was performing in line with expectations, and cemented its position as the second largest online broker in Australia.
Since June, account numbers at ETrade have increased by 42.5 per cent and now exceed 35,000 with assets under administration in excess of $19 billion.
Is this the reasonexisting costumers are being given the bum rash!
"Clearly the main driver has been the acquisition of HSBC Australia Stockbroking, but also we have experienced strong organic growth during the past six months," Mr Roxborough told Sky News Sunday Business.
"Indeed, in recent months a survey indicated that ETrade had picked up around one third of all new private broking accounts across Australia.
"Given the current market conditions we would be anticipating we would be able to post double digit growth in the second half."
Mr Roxborough said further acquisitions opportunities and self-managed retirement funds were areas ETrade would look at to achieve growth.
"Self managed funds are an important growth area for us," he said today.
"The initiatives announced in the budget session last year were very welcome, and have given us the opportunity to look at servicing private individuals who wish to self manage their own superannuation funds with a much larger portfolio."oh MY god
Last week, speculation mounted that the New York Stock Exchange was weighing up the Australian Stock Exchange as a takeover target.
Mr Roxborough said a potential ASX merger was of no real concern to ETrade as long as an exchanger was still available for its customers.
He said the market posed no real immediate hurdles.
"We don't see the valuations in Australia stretched, and we also don't anticipate that at least for the first half there will be any significant events that will cause the Australian market will retrace.
"We are expecting the next six months to pretty much be steady as she goes."
SO NO INTENTION OF FIXING THEIR ABYSMAL SERVICE
DAMN.
