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InvestorLine Sells Mutual Funds Online

Bank of Montreal's InvestorLine discount brokerage service announced that the over 700 mutual funds it currently offers will now be available through its Web site, InvestorLine OnLine.

"Our customers have embraced the convenience that online trading gives them," said Bruce Schwenger, President of InvestorLine. "Since we launched InvestorLine OnLine in May, more than 15 percent of our trades are now placed over the Internet. Mutual funds are extremely popular with Canadian investors and make up an important part of our business, so we are taking the next logical step by making them available online."

Customers can get the most recent closing prices and place buy, sell, or switch orders for mutual funds through InvestorLine OnLine, which is in addition to online trading of stocks and options. A 20% discount on InvestorLine's already low commissions will be offered when buying or selling mutual funds on the Web.

For clients that do not have an Internet browser with a 128-bit encryption, InvestorLine will supply it free of charge.

Earlier this year InvestorLine announced it will rebate all transfer fees for investors transferring an RRSP from another financial institution to InvestorLine. The offer has recently been extended from March 15, 1998 to March 31, 1998.