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PaineWebber buys stake in online trading developer

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New York-PaineWebber agreed to buy 25% of Kingland Cos., which develops Internet sites and online trading for financial services companies. Terms of the deal weren't disclosed, but people familiar with the investment told Bloomberg News that PaineWebber paid $13.5 million. Internet brokers are the fastest-growing part of the securities industry. PaineWebber 's current Web site offers only research and account information. (From Crain's New York Business)
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