E-Trade Group Inc. has established a $150 million internal venture fund to invest in new trading technologies.
The on-line brokerage already has invested in the Archipelago Electronic Communication Network, the International Securities Exchange, and the start-up Internet investment bank, E-Offering, according to a press release announcing the fund.
"E-Trade plans to continue to expand its position in relevant emerging businesses and new technology platforms," said Christos M. Cotsakos, chairman and chief executive officer.
E-Trade also announced it had hired Thomas A. Bevilacqua to be executive vice president of corporate development and general counsel. One of his assignments will be to oversee E-Trade's strategic investments.
A former partner in the San Francisco law firm of Brobeck, Phleger & Harrison, Mr. Bevilacqua has experience in high-tech venture capital investments and mergers and acquisitions.