HSBC and Merrill Lynch have little doubt where the next explosion in financial services is going to be. They are putting $1 billion into a joint venture which will pool their respective banking and broking resources to attract the booming mass affluent market. The venture will go live by early 2001, according to Victor Dodig, chief marketing officer.
First announced as a service for those with a minimum of $100,000 to invest, Dodig says the new venture will actually sign up customers for less.
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