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Reuters, Multex to Create European Investor Portal

Reuters and Multex.com Tuesday formed a joint venture to develop an Internet portal for private investors in Europe.

Each of the two companies will own 50 per cent of the venture, which they are calling Multex Investor Europe. It will aim to offer a sophisticated service, complete with financial decision support tools and broker research, at private investors online.

The chairman of the new venture will be Isaak Karaev, chairman and chief executive officer of Multex.com. Another director from Multex.com and two from Reuters will form the board, and the company will base its headquarters in London.

In the United States, Multex.com already runs a highly successful portal, multexinvestor.com, on which the partners will model the European version. It has over 1.2 million members, and carries half a million research reports on 15,000 companies from 300 brokerage firms.

"This joint venture enables Multex.com and Reuters to combine their respective strengths in building a virtual financial shopping mall connecting personal investors and financial service providers," said Isaak Karaev.

Speaking for Reuters, Director David Ure said that members of the Multex Investor Europe club would also be able to join the Reuters portal club.

Over the next two years, experts are predicting that there will be nearly nine million European investors managing portfolios of stocks and shares online.