And Waterhouse Securities, another discount broker, offers its customers, on an exclusive basis, the no-load Waterhouse Dow 30 fund.

The latest entry, Waterhouse Securities, weighed in three months ago.

Today Waterhouse Securities is publicly traded and has 700 employees in 60 offices around the country, with annual revenue of $100 million.

He plans to remain a director of Waterhouse Securities, in which he has an ownership stake, but will give up his role as day-to-day manager by the fall.

Mr. Olesky, 31, is a vice president of Waterhouse Securities in New York.

The office building is being designed to the requirements of Waterhouse Securities, a discount brokerage concern, which will be its sole occupant.

Waterhouse Securities is an exception; as many as 12 percent of its 1.5 million retail customers buy load funds, according to Melissa Gitter, a spokeswoman.

He said the $90 million hotel would "be reinforced" by his company's construction of a 185,000-square-foot office building at Harborside for Waterhouse Securities, the discount brokerage.

And last week, the Toronto-Dominion Bank, which owns Waterhouse Securities, said that it would consider spinning off a portion of the brokerage firm to the public.

Earlier this year, Waterhouse Securities, another big on-line trading firm, made a $25 million investment in Datek.