DLJdirect Inc., the on-line brokerage arm of Donaldson, Lufkin & Jenrette Inc., launched its first two proprietary mutual funds on Friday.

Though the firm makes about 8,000 third-party funds available to customers, a spokeswoman said there was demand for proprietary products. The new, actively managed portfolios -- a growth fund and a technology fund -- do not carry loads.

DLJ Investment Management Corp., which manages a family of load funds for its parent, is also the investment adviser for the new funds. Hugh M. Neuburger is the primary manager of them.

The spokeswoman said she expected more funds to be launched, though she did not give a time frame. "This is the beginning of a family of DLJdirect Funds," she said.

Other on-line brokerages, such as E-Trade of Palo Alto, Calif., and Charles Schwab & Co. of San Francisco, have been building their own networks of proprietary funds. -- Cheryl Winokur

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