Five months after buying Jack White & Co., Waterhouse Securities will combine Jack White's Advisor Services division with the Waterhouse Investment Adviser Services unit. The two will officially join on January 1, 1999 and be known as Waterhouse Institutional Services.

The new division will have offices in both San Diego and New York. Both units provide back office, technology and custody services to cater to independent financial advisers, a growing distribution channel for mutual funds.

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