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Ameritrade Subsidiary Snags Online Broker

The number of competitors in the growing online brokerage arena got a little smaller Monday.

Accutrade Inc., a subsidiary of Ameritrade Holding Corp., Monday purchased The R.J. Forbes Group Inc.

Terms of the deal were not disclosed.

R.J. Forbes will continue to operate under its own brand, however the unit's operations are expected to move to Ameritrade's Omaha, Neb., headquarters by the end of the year.

We are very excited about this acquisition. The customer base and employees of R.J. Forbes fit the profile of our company extremely well. We expect to continue to build on the success that the R.J. Forbes group has had in the past...," said Mark Gibson, Accutrade's vice president.

R.J. Forbes was ranked 16th in the latest online broker scorecard by Gomez Advisors, a Boston-area consulting firm that rates online brokerages, banks and travel firms. Neither Ameritrade nor Accutrade made the listing.