Fidelity says its retail and institutional brokerage clients will have opportunity to participate in the initial public offerings (IPOs) and follow-on equity offerings underwritten by Deutsche Bank.
The exclusive relationship expands Deutsche Bank's potential investor base to include Fidelity's extensive list of retail brokerage customers as well as customer accounts managed by Fidelity's registered investment advisor (RIA), correspondent broker/dealer and other institutional clients, the two companies say. Fidelity's distribution platform adds to Deutsche Bank's current distribution capabilities to high-net-worth clients via its private bank and private client services divisions.
"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," says Mark Haggerty, president of Fidelity Capital Markets, the institutional trading division of Fidelity Investments. "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."
