| To: Henry Niman who wrote (391) | 9/25/2000 8:14:10 AM | | From: Rob C. | | | | JERSEY CITY, N.J.--(BUSINESS WIRE)--Sept. 25, 2000--
-- Self-Directed Brokerage Option Allows
Expanded Investment Choices Within 401(k) Plans --
DLJdirect Inc. (NYSE:DIR.N), the online brokerage service of
Donaldson, Lufkin & Jenrette, Inc. (NYSE:DLJ.N), and MFS Retirement
Services, today announced an agreement to offer DLJdirect brokerage
services to participants in 401(k) plans administered by MFS. Under
the agreement, DLJdirect will provide self-directed brokerage account
(SDBA) services within MFS's participant-directed, employer-sponsored
retirement plans.
Clients of MFS retirement plans who meet certain criteria may
choose the SDBA option. They will have access to a range of investment
products and services offered by DLJdirect. The complete package of
offerings includes trading in stocks, mutual funds, IPOs (for
qualified investors), real-time quotes and news, and extensive
research. Participants may access their accounts 24 hours a day, seven
days a week. DLJdirect is available across a variety of platforms,
including the Internet and wireless devices. Telephone access is
available via TradeTalk, DLJdirect's touch-tone trading system, or by
calling a DLJdirect registered Investor Service Representative.
The agreement with MFS marks the third major agreement DLJdirect
has signed in the last four months with 401(k) plan administrators
offering a full range of brokerage services to participants in
employer-sponsored retirement plans.
"MFS is very pleased to join forces with DLJdirect, one of
America's premier online brokerage firms, to provide our 401(k)
clients with self-directed brokerage accounts," said Martin E.
Beaulieu, President of MFS Retirement Services, Inc., a subsidiary of
MFS Investment Management.(R) MFS Retirement Services has more than
$18.6 billion in retirement assets and an account base of more than
725,000 participants nationally as of June 30, 2000.
"We welcome this opportunity to provide our award-winning
brokerage services to MFS plan participants," said Blake Darcy, Chief
Executive Officer of DLJdirect. "The combined resources of MFS and
DLJdirect will provide 401(k) plan participants with access to a more
diverse package of products and services and the exemplary service
that MFS clients have come to expect."
About MFS Investment Management
MFS invented the mutual fund. The firm's history dates back to
March 21, 1924, and the establishment Massachusetts Investor's Trust,
the fund that was at the beginning of an industry that brought the
power of investing to every American. MFS manages more than $150
billion in assets on behalf of five million investors worldwide as of
June 30, 2000. MFS Retirement Services, Inc. offers investors a full
array of retirement plans with an emphasis on defined contribution
plans and IRAs. The company's plans are fully supported by dedicated
client service teams, state-of-the-art record keeping and
administrative systems, and voice and Internet technology. The company
also has experienced a 55 percent growth in retirement assets during
the two-year period between January 1997 and December 1999, and a
client retention rate of 98.5 percent.
About DLJdirect
DLJdirect is one of the world's premier online brokerage firms
offering a diversified range of investment products and services to
sophisticated, self-directed investors. As of June 30, 2000, DLJdirect
had nearly one million worldwide customer accounts representing nearly
$28 billion in assets. Headquartered in Jersey City, NJ, with offices
in Parsippany, NJ, Charlotte, NC, Delray Beach, FL, Sandy City, UT,
London, Tokyo, Hong Kong, and Dubai, DLJdirect employs more than 1,500
people. DLJdirect trades on the New York Stock Exchange under the
ticker symbol "DIR" as a tracking stock of Donaldson, Lufkin &
Jenrette. For more information on DLJdirect, visit the company's Web
site at www.DLJdirect.com.
About Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette (DLJ), is a leading integrated
investment and merchant bank serving institutional, corporate,
government and individual clients. DLJ's businesses include securities
underwriting; sales and trading; investment and merchant banking;
financial advisory services; investment research; venture capital;
correspondent brokerage services; online, interactive brokerage
services; and asset management. Founded in 1959 and headquartered in
New York City, DLJ employs approximately 11,300 people worldwide and
maintains offices in 13 cities in the United States and 16 cities in
Europe, Latin America and Asia. The company has two classes of common
stock trading on the New York Stock Exchange. Shares trading under the
ticker symbol "DLJ" represent Donaldson, Lufkin & Jenrette, Inc.
Shares trading under the ticker symbol "DIR" track the performance of
DLJdirect, its online brokerage business. For more information on
Donaldson, Lufkin & Jenrette, refer to the company's World Wide Web
site at www.DLJ.com. The firm's world headquarters are located at 277
Park Avenue, New York, NY 10172.
--30--flb/ny*
CONTACT: Press Contacts:
DLJdirect Inc.
Charlotte Fox
201/308-3562
cfox@DLJdirect.com
or
MFS Investment Management
David Oliveri
617/954-4256
doliveri@MFS.com
or
G.S. Schwartz & Co. Inc.
William Armstrong
212/725-4500, ext. 304
wga@schwartz.com
or
Investor Contact:
Donaldson, Lufkin & Jenrette
Kevin Zuccala
212/892-4693
ir@DLJ.com
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: BANKING COMPUTERS/ELECTRONICS E-COMMERCE
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
Copyright 2000, Business Wire |
| | CSFB Direct(DIR) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
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| To: Rob C. who wrote (394) | 3/26/2001 12:13:04 PM | | From: BWAC | | | | Any DIR stockholders and account holders who want to continue to do business with CSFB step right up? They will take your DIR now for $4. Thanks a bunch. I'll be gone as a customer. Customer Service 101----Don't screw them over. CSFB should have done the right thing and taken this step at the same time they bought DLJ and for a similarly valued price. But nope, there were people to be taken advantage of. Think about that when you make your next (and hopefully) last trades with CSFB.
Monday March 26 11:38 AM ET
CSFB to Buy the Balance of CSFBdirect
NEW YORK (Reuters) - Investment bank Credit Suisse First Boston said on Monday it would buy the balance of the outstanding shares of its online brokerage unit CSFBdirect (NYSE:DIR - news) as flailing markets cut into the online trading business.
The firm said it would buy about 18.4 million shares, or 18 percent, of CSFBdirect's common stock for about $4 in cash. |
| | CSFB Direct(DIR) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
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| To: BWAC who wrote (395) | 3/26/2001 11:18:46 PM | | From: Joan Winston | | | | Strange Valuation in ONLINE Brokerage. wrt to CSFBdirect
it sounds like CSFB is trying to place a price on the
NUMBER of accounts at around $880 each and saying this
is rich compared to other online brokers.
I truly hope they will take into consideration the
fact that the average account holder at CSFB has almost
3 times the assets as the other discount brokerages.
Also, it was the merger last year that stalled DLJDIRECT marketing and stifled account growth in the Fall 2000. The costly rebranding was only necessary because of the CSFB merger and it surely is responsible in part for the low stock price.
CSFBdirect application is now powering and receiving
revenue from many independent brokerages and these
revenues are growing at an excellent rate but are not
even being considered in their offering price.
This seems almost unjust that they can now just suck
these publicly traded stocks back in at a bargain basement
$4 by a vote of the CSFB board of directors but it looks
like they can because they own 85% of the stock.
I look forward to reading their filings with the SEC on
this one. |
| | CSFB Direct(DIR) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
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| To: Joan Winston who wrote (396) | 3/28/2001 1:02:27 PM | | From: domtess | | | | | Exclude this tracking stock from the DLJ acquisition when it was priced $11 by the market (8/29/2000), let the stock drop as low as possible with no volume and take it over a few months later for 1/3 of the then market value. A very good deal indeed... FOR THEM. Who said you should trust your banker? |
| | CSFB Direct(DIR) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
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| To: Eman03 who wrote (399) | 3/29/2001 8:00:13 PM | | From: PAFOOFNICK | | | | | O U C H !!!!!! My thinking is they will at least make the offer in the 9-10 range, I dont think the sec will have any say in this and I dont think the board of directors gives a rats A$$ about the investors. Im pulling out my accounts if they persist. |
| | CSFB Direct(DIR) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
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| To: PAFOOFNICK who wrote (400) | 4/2/2001 7:12:06 PM | | From: Mark Rosneck | | | | In this whole ugly mess, what I don't understand is:
1) Let's say that DIR just went to zero, what bad things happen to CSFB (other than more of a few of us being really upset)?
2) If CSFB buys up the shares of DIR, how does that make any money for CSFB?
3) If someone else gains control of DIR other than CSFB, what bad things happen to CSFB?
It's all probably academic but CSFB's motivation and the money trail for all of this are at least interesting.
On a side note, I really disliked the whole notion of a tracking stock but bought into DIR because CERTAINLY DIR management wouldn't do EXACTLY WHAT THEY DID to shareholders since many shareholders are also customers. I have a rather visceral reaction every time I get my statement. I guess there's a lesson to be learned here but I'm not exactly sure what it is. I just wished it weren't so doggone expensive to learn whatever it is we're in the process of learning.
Mark |
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| To: Mark Rosneck who wrote (401) | 4/26/2001 6:32:13 PM | | From: domtess | | | | | hopefully those of you who have a DIR account will let them know - while they are being advised on the Proposed Acquisition - that you will not be happy with a $4 buyout... it's one thing to lose its shareholders' confidence but it is something else to lose its customers' account. |
| | CSFB Direct(DIR) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
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| To: domtess who wrote (402) | 5/13/2001 5:12:53 PM | | From: Maywood | | | | Does anyone here have an account with csfbdirect and try to get IPOs? If so, how hard is it to get IPOs? (I know it would be pretty hard to tell right now anyway since the IPO market hasn't been doing much for many months now.) I've been considering opening an account there mainly to see if I can get any IPOs, now that E*Trade hardly gets any. Do they allocate IPOs on a random basis (once you qualify), or do they allocate based on amount of money in your account, the number of trades you make, or some other factors?
I couldn't find any other message boards anywhere where they discuss csfbdirect IPOs. Anyone know of one? |
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