DLJ Direct forms joint venture with Japanese bank

DLJ Direct, the online brokerage subsidiary of Donaldson, Lufkin & Jenrette, has agreed to form a joint venture with Sumitomo Bank and Internet Initiative Japan to create DLJ direct Japan, DLJ Direct announced. DLJ direct Japan will be an online discount brokerage offering securities trading, investment trust and money market funds to Japanese investors. It is expected to begin operating in the second quarter of 1999. It will initially offer investors access to Japanese equities, investment trusts and money market funds. In the future, Japanese investors will be offered access to U.S. securities.