21 November
Posted by smith
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.
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