DLJ a watcher today. News out is bullish, Internet and Japan recovery equal big potential. Intraday chart approaching the high of 78.
Wednesday April 7, 11:31 am Eastern Time
Company Press Release
DLJdirect Announces Establishment of DLJdirect SFG Securities Inc.
- Blake Darcy Named Chairman-elect and Atsushi Kunishige Named Interim President and Vice Chairman -
JERSEY CITY, N.J.--(BUSINESS WIRE)--April 7, 1999-- DLJdirect Inc. (www.DLJdirect.com), the online brokerage service of Donaldson, Lufkin, & Jenrette, Inc. (NYSE: DLJ - news), has announced the formal establishment of DLJdirect SFG Securities Inc., an online brokerage service specializing in Japanese securities. 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. Operations are slated to commence in June.
DLJdirect SFG Securities Inc. 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.
DLJdirect SFG Securities Inc. 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 Donaldson, Lufkin & Jenrette and its affiliates.
Editor's note: DLJdirect SFG Securities Inc. was previously referred to as DLJdirect Japan Inc.
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