Fidelity To Sell KKR IPO's

Mutual-fund giant Fidelity Investments and Kohlberg Kravis Roberts & Co. have agreed to sell initial public offerings and other stock offerings from the private-equity firm's companies to Fidelity retail customers.
The move comes as activity within the capital markets has picked up, after the IPO market had slowed over the past couple of years.
Under the terms of the deal, Boston-based Fidelity will get the right to sell retail securities to its customers. Traditionally, retail customers don't have the same access to IPO shares as customers of investment banks.
New York-based KKR has investments in 50 companies with a combined $200 billion of revenue.
"KKR will provide a significant source of investment opportunities for our customers over the coming years and be an important strategic relationship for our company," said Mark Haggerty, president of Fidelity's capital markets unit, in a statement.