For more stories like this, sign up for the PLANADVISERdash daily newsletter.
Products June 8, 2009
Fidelity, KKR to Offer IPOs to Institutional Clients
Fidelity Investment's registered investment adviser (RIA) and broker/dealer clients, and other institutional clients, will be able to invest in initial public offerings (IPOs) underwritten by Kohlberg Kravis Roberts&Co. (KKR), the companies announced.
Reported by Fred Schneyer
A news release said investors will also have access to follow-on offerings of KKR companies.
“While it’s no secret that the IPO market has slowed over the last couple of years, we are beginning to see signs that it may be picking up momentum,” said Mark Haggerty, president of Fidelity Capital Markets, the institutional trading division of Fidelity Investments, in the news release. “Our new relationship with KKR gives Fidelity the ability to offer our retail, RIA, and broker/dealer clients unique access to new issue equity offerings of KKR portfolio companies and the potential for more meaningful allocations in those offerings.”