AOL has signed a $75 million deal with online brokerages to satisfy the exploding demand for online personal finance services.
The agreement will make DLJ Direct, Etrade and Waterhouse Securities the premier brokerages in AOL?s brokerage and mutual fund centres on its Personal Finance Channel - the most frequently visited channel on AOL.
The deal initially applies to the US only but an AOL representative said it is looking at rolling out the service further and could be announcing AOL online brokerage deals for the UK as early as next year.
The three brokerages will each pay AOL $12.5 annually for the two year cross-marketing agreement. ?With 51 per cent of all Americans investing in the stock market - the highest percentage in 50 years - and the mass market coming online with our service, it?s no wonder that consumers are increasingly handling personal finances on AOL,? said Myer Barlow, senior vice president of AOL interactive marketing.
Barlow was confident the deal would ?help them and AOL leverage the explosive and huge potential of online investing?. Trading through AOL?s brokerage centre has increased by 321 per cent over the last year, said the company?s representative. ?It makes sense to take it global,? she said.
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