From NYtimes

The online brokerage firm E*Trade Financial said yesterday that it was buying Kobren Insight Management, part of its consolidation strategy and its expansion into regionally based wealth management. The price was not disclosed.

E*Trade, which agreed to buy a rival, Harrisdirect, on Monday, is in the midst of an acquisition campaign aimed to help it compete in the midst of growing price competition and falling customer activity.

The company said Monday that it planned to announce more deals over the next three months. It had about $685 million in free cash at the end of June.

The Kobren acquisition should begin contributing to earnings in 2006, adding nearly $10 million in revenue and $2.3 million in profit, E*Trade said. Kobren, based in Wellesley, Mass., manages about $1 billion for private clients and serves as the investment adviser to the Kobren Insight Funds, an affiliated family of mutual funds.

E*Trade expects the Kobren deal to close between October and December.

E-Trade shares rose 25 cents, or 1.6 percent, to close at $16.35 yesterday.