Fidelity Investments is giving its retail and institutional brokerage clients access to the initial public offerings and follow-on equity offerings underwritten by Deutsche Bank.
“We are thrilled about our new relationship with Deutsche Bank , one of the industry’s top IPO underwriters, and believe that this partnership will help us offer our customers additional investment opportunities typically reserved for larger institutional investors,” said Mark Haggerty, president of Fidelity Capital Markets.
“With our new Deutsche Bank alliance and our KKR relationship, Fidelity is well-positioned to offer our customers the ability to participate in new issue equity deals as the IPO market begins to show signs of increased activity,” Haggerty added, referring to last month’s agreement whereby Fidelity customers gained access to IPO offerings by Kohlberg Kravis Roberts, also an exclusive arrangement.
As to why Deutsche Bank decided to partner with Fidelity, Seth Waugh, chief executive officer of the bank’s North American operations, said it was because of Fidelity’s “vast distribution network.”
