Online brokerage DLJdirect Inc.
Wednesday unveiled DLJdirect SFG Securities Inc., an online brokerage
service specializing in Japanese securities.
The firm is the result of a joint venture between DLJdirect and Sumitomo
Bank Ltd. DLJdirect owns 50 percent of
the new entity and Sumitomo Bank controls 20 percent. The
remaining 30 percent is divided among Sumitomo Life,
Sumitomo Marine & Fire, Sumitomo Trust & Banking, Sumitomo Co., Daiwa
Securities and Internet Initiative Japan Inc.
The service will be launched in June.
DLJdirect SFG Securities Inc. will be capitalized with approximately $25.5
million from the partner companies.
The company 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 DLJdirect parent Donaldson, Lufkin &
Jenrette and its affiliates.
Blake Darcy, DLJdirect’s chief executive officer, will serve as chairman-elect of the new
company and Atsushi Kunishige, deputy president of Sumitomo Capital
Securities Co. Ltd., will be interim president and vice chairman.