

KaChing in NYT: "Site Lets Investors See and Copy Experts’ Trades" - chris123
http://www.nytimes.com/2009/10/19/technology/start-ups/19kaching.html

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chris123
Excerpt / summary:

“The mutual fund industry is a $10 trillion industry that has seen no
innovation for 25 years. The Internet has had no impact,” Mr. Rachleff said.

KaChing has attracted a roster of prominent early investors from Silicon
Valley who have financed the company with $3 million. They include Marc
Andreessen, co-founder of Netscape; Kevin Compton of Kleiner Perkins Caufield
& Byers; and Jeffrey Jordan, chief executive of OpenTable, the online
reservation service.

The angel investors have also been investing their own money through KaChing
during the pilot period. “The concept is great — the ability to tap into not
just the wisdom of the crowd, but to be able to identify and invest with the
particular geniuses in the crowd that stand out,” said Mr. Andreessen, who has
invested $100,000 using the site.

Customers will be able to open a brokerage account with Interactive Brokers
and link their account with their choice of investors on KaChing. KaChing
charges customers a single management fee of 0.25 percent to 3 percent, set by
each investor. KaChing keeps a quarter of the fee, and the investors get the
rest.

