TheStreet.com Expands Institutional Services; IRG LLC Launches In-House Trading Desk

Jan 09, 2004


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TheStreet.com, Inc., a multimedia provider of financial research, commentary, analysis, and news, has announced that its wholly owned subsidiary, Independent Research Group LLC (IRG), has commenced in-house execution of equity trades on behalf of its institutional clients on the NYSE, AMEX, and Nasdaq marketplaces. Michael Weitzner, formerly VP, Nasdaq market making at Goldman Sachs & Co., has been named IRG SVP and director of trading. Weitzner reports directly to Joseph C. Marino and Paul W. Noglows, IRG co-managing directors. IRG will execute trades strictly on an agency basis, trading solely on behalf of client orders, removing potential conflicts of interest. The firm will not be committing its own capital. In addition, IRG does not intend to participate in any "payment for order flow" or other type of broker dealer rebate relationships.

TheStreet.com is a registered investment advisor. Founded in 1996, the company completed its initial public offering in May 1999. On the Internet, its subscription-based Web site, RealMoney.com is accompanied by the professionally-oriented subscription sites, Street Insight, RealMoney Pro Advisor, and the free, flagship site, TheStreet.com. The company also produces a suite of subscription services for use by professionals and self-directed investors, each designed to help a specific segment of the investing public make better-informed investing and trading decisions. TheStreet.com's wholly-owned subsidiary, Independent Research Group LLC (IRG), develops independent research and services focused exclusively on meeting the performance needs of hedge funds and money managers.

(http://www.thestreet.com)