Fidelity to offer retail investor access to Deutsche Bank's initial public offerings and follow-on issues
Alliance Significantly Expands Deutsche Bank’s Retail Investor Base; Fidelity’s Brokerage Clients Gain Access to Deutsche Bank’s New Issues
Fidelity Investments (“Fidelity”) and Deutsche Bank Securities Inc. (“Deutsche Bank”) today announced an agreement that provides Fidelity’s retail and institutional brokerage clients the 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. 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,” said 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.”
“We’re extremely excited to join with an industry leader like Fidelity,” said Seth Waugh, CEO of Deutsche Bank Americas. “Fidelity’s vast distribution network is an excellent complement to both our leading banking franchise and our strong Private Wealth Management distribution platform. We’re confident that this collaboration will significantly benefit clients of both Fidelity and Deutsche Bank by providing a greater volume and diversity of equity investment opportunities.”
The Deutsche Bank relationship builds on Fidelity’s recently established alliance with Kohlberg Kravis Roberts & Co. (KKR) where Fidelity’s retail and institutional brokerage customers have the opportunity to participate in IPOs and follow-on offerings of KKR companies.
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About Fidelity Investments
Fidelity Investments is one of the world’s largest providers of financial services, with custodied assets of $2.8 trillion, including managed assets of over $1.3 trillion as of June 30, 2009. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to over 20 million individuals and institutions as well as through 5,000 financial intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket and a leading online brokerage firm. For more information about Fidelity Investments, visit http://www.fidelity.com/.
About Fidelity Capital Markets
Fidelity Capital Markets (FCM) is the institutional trading arm of Fidelity Investments providing trading, products and services to a wide array of clients and Fidelity businesses. FCM executes domestic and international equity securities including block and portfolio trading, listed options and foreign exchange. It also offers securities lending, commission management and transition management. FCM trades fixed-income in a wide range of taxable and tax-exempt securities and underwrites municipal and government agency debt. The company has its own distribution channel, Fidelity Prime Services®, focused on servicing hedge funds and a full suite of Electronic Brokerage Trading Products, including proprietary algorithms and a crossing network, CrossStream®. FCM offers all of its clients conflict-free trading, execution excellence and personal service. For more information about Fidelity Capital Markets, please visit http://www.fidelitycapitalmarkets.com/.
About Deutsche Bank
Deutsche Bank <NYSE: DB> is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,896 employees in 72 countries, Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank Securities Inc., member NYSE, FINRA and SIPC, is the investment banking and securities arm of Deutsche Bank AG in the United States.
About Deutsche Bank Private Wealth Management
Deutsche Bank Private Wealth Management has been serving the interests of wealthy individuals, families and select institutions for more than a century. With offices across the U.S., Deutsche Bank's Private Wealth Management business division provides a variety of customized solutions to private clients worldwide including traditional and alternative investments, risk management strategies, lending, trust and estate services, wealth transfer planning, family office services, custody and family and philanthropy advisory. Private Wealth Management includes the U.S. Private Bank and Deutsche Bank Alex. Brown, the private client services division of Deutsche Bank Securities Inc., the investment banking and securities arm of Deutsche Bank AG in the United States and a member of NYSE, FINRA and SIPC.