Fidelity Investments is to offer its retail investors access to initial public offerings and follow-on deals underwritten by Deutsche Bank AG, in a move to offer clients more opportunities.
The step came after Fidelity said in June that it had a similar pact to give its customers access to IPOs and secondary offerings underwritten by Kohlberg Kravis Roberts & Co. Mark Haggerty, the president of Fidelity Capital Markets, the company's institutional trading division, said at the time that the company saw signs that the IPO market was gaining momentum.
Haggerty said Wednesday the company believes that the Deutsche Bank deal will let it give customers investment opportunities that are usually reserved for large institutional investors.
Seth Waugh, Deutsche Bank Americas chief executive, said the bank is excited to be working with Fidelity. Deutsche Bank's potential investor base will expand through the addition of Fidelity's customers.