DLJdirect Inc. in June will launch a brokerage joint venture in Japan with Sumitomo Bank.

DLJdirect SFG Securities will be 50%-owned by DLJdirect and 20%-owned by Sumitomo Bank, according to a statement. The remaining stake will be owned by several Sumitomo subsidiaries and other Japanese investors.

DLJdirect, a unit of Donaldson, Lufkin & Jenrette in New York, first signed a memorandum of understanding with Sumitomo in November, a spokeswoman said.

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