Fidelity and Credit Suisse team up for easier access to IPOs

Poll shows strong interest in IPOs among high-net-worth investors

Jul 21, 2014 @ 12:51 pm

By Minda Smiley

Traders work the floor of the New York Stock Exchange.
+ Zoom
Traders work the floor of the New York Stock Exchange. (Bloomberg News)

Investor interest in initial public offerings has sparked a new partnership between Fidelity and Credit Suisse AG that will give millions of investors and advisers greater access to both IPOs and follow-on equity offerings.

The agreement gives Credit Suisse access to Fidelity's millions of retail brokerage customers as well as investors working with advisers through Fidelity's RIA, correspondent broker-dealer and family office clients.

A Fidelity survey of 2,500 affluent and high-net-worth clients indicated they had significant interest in IPOs, with 50% currently buying or open to investing in IPOs.

“Providing a breadth of product to our client base is our focus,” said Brian Conroy, president of Fidelity Capital Markets, adding that Fidelity serves 10,000 advisers who in turn serve four million investors.

As of 2013, Fidelity Institutional Wealth Services ranked third in the number of RIA custody clients with more than 3,000. In the first half of this year, Credit Suisse ranked second in IPOs globally while ranking first in long-term IPO performance, according to Dealogic.

Fidelity previously had a relationship with Deutsche Bank for IPOs, according to a Fidelity spokeswoman.

0
Comments

What do you think?

View comments

Recommended for you

Latest news & opinion

DOL Fiduciary Rule: What you need to know about Acosta's decision

Labor Secretary Alexander Acosta confirmed that the agency's fiduciary rule will become applicable on June 9. Find out what advisers and firms should know when it goes into effect.

Acosta declines to extend delay of DOL fiduciary rule

Labor Secretary finds no legal basis to delay implementation; rule to become applicable June 9

Phyllis Borzi says opponents of DOL fiduciary rule face uphill climb to further delay or dilute it

Former assistant Labor secretary who crafted the rule says President Trump won't be able to get rid of it simply because he doesn't like it.

Shrinking talent pool puts strain on advisory firms

Attrition, cuts in training programs and new competition make it difficult to fill job openings

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print