Fidelity Investments has entered into an agreement with Credit Suisse Securities (USA) to provide its brokerage clients the opportunity to participate in initial public offerings (IPOs) and follow-on equity offerings underwritten by Credit Suisse.
The deal will expand Credit Suisse’s potential investor base to Fidelity’s millions of retail brokerage customers and investors who work with advisors through Fidelity’s registered investment advisor (RIA), correspondent broker/dealer and family office clients.
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Additionally, the agreement will offer Fidelity’s clients to participate in new issue equity deals as well as offer its investors and advisors greater access to IPOs.
At the same time, the deal will offer Credit Suisse’s corporate clients direct access to Fidelity’s vast investor base, enabling issuers to capture demand for IPOs and follow-ons from the broadest segment of the market.
David Hermer, head of Equity Capital Markets in the Americas region for Credit Suisse, said: "The arrangement complements our industry-leading institutional equities platform and our world-class private bank."
Brian Conroy, president of Fidelity Capital Markets, Fidelity’s institutional trading arm, said: "With the increase in IPO activity over the past year and the potential for growth in the IPO market over the next few years, this new agreement with one of the industry’s leading underwriters will provide our clients with more opportunities to participate in new issue equity deals."
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By GlobalData"The agreement with Credit Suisse is a continuation of our focus on leveraging our scale to offer our clients broader access to the IPO market, typically only accessible for larger institutional investors," he added.
