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Rating:DLJ Launches New Online Broker Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, April 07, 1999

DLJ Launches New Online Broker

Reported by Jason Shank

DLJdirect Inc., the online brokerage service of Donaldson, Lufkin, & Jenrette, Inc. (DLJ), will launch DLJdirect SFG Securities Inc.,(DLJ SFG) an online brokerage service specializing in Japanese securities, later this year. Blake Darcy, ceo of DLJdirect Inc, will serve as chairman-elect of the new company and Atsushi Kunishige, deputy president of Sumitomo Capital Securities Co. Ltd., was named interim president and vice chairman.

DLJ SFG is a joint venture between DLJdirect Inc. and Sumitomo Bank Ltd., which will respectively own 50 percent and 20 percent of the new entity. The remaining 30 percent shareholder stake is divided among Sumitomo Life, Sumitomo Marine & Fire, Sumitomo Trust & Banking, Sumitomo Co., Daiwa Securities and Internet Initiative Japan Inc. DLJdirect SFG Securities Inc. will be capitalized with approximately $25.5 million from the partner companies.

The new brokerage service will offer securities trading, investment trust and money market funds to Japanese investors. Over the longer-term, Japanese investors will also be offered access to U.S. securities, including investment products offered by DLJ and its affiliates. 

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