ND Holdings is acquiring ARM Securities Corp., a mutual fund and annuities broker dealer filing for bankruptcy, for an undisclosed amount of cash.

ARM Securities has 60 registered representatives in the Midwest and California, and handled more than $1 billion in client assets as of the end of 1999. ND Holdings, which will wholly own and operate ARM, plans to keep all personnel and branch locations, although it will move ARM's headquarters to Minot, N.D., from Louisville, Ky.

ND Holdings manages nine mutual funds and is developing an additional stock fund. It has more than $350 million in assets under management.

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