JPMorgan and Fidelity Brokerage Company Form Strategic Alliance
Fidelity's Retail and Institutional Brokerage Clients Gain Access to JPMorgan Equity and Fixed-Income Offerings
JPMorgan, the investment banking unit of JPMorgan Chase & Co and Fidelity Brokerage Company announced a strategic alliance that will enable Fidelity's retail and institutional brokerage clients to participate in new issue equity and fixed-income deals lead-managed by JPMorgan. This includes initial public offerings, secondary share sales and certain negotiated municipal bond offerings.
JPMorgan will become the primary provider of new issue equity and fixed-income products to Fidelity's brokerage clients, including its retail customers through Fidelity's clearing business, National Financial. JPMorgan's fixed-income and equity products were previously distributed primarily to institutions, hedge funds and ultra-high-net-worth investors through the JPMorgan Private Bank.
JPMorgan completed another strong year in 2005. The firm was the No. 4 global stock and bond underwriter with over $414 billion of issuance, according to Thomson Financial.
As one of the nation's leading brokerage firms, Fidelity Brokerage Company recently reported significant gains in 2005. Client assets under administration were $1.4 trillion, an increase of 23 percent from $1.1 trillion one year ago. Daily average commissionable trades were 275,075, up 23 percent from 223,223 in the fourth quarter of 2005. Additionally, total retail and institutional client accounts in the fourth quarter were 16.6 million, up 16 percent compared to the same period in 2004.
Personal loan and credit card resource serving millions of good and bad credit U.S. consumers.
