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Schwab enters IPO realm
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September 9, 1997: 10:08 a.m. ET
Discount broker will help 3 firms underwrite initial public offerings
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NEW YORK (CNNfn) - Charles Schwab & Co. is firing back at rival Fidelity Investments by helping three top Wall Street firms underwrite public stock offerings, according to press reports Tuesday.
The discount investment house made deals with Credit Suisse First Boston, Hambrecht & Quist, and J.P. Morgan that will allow its customers to invest directly in IPOs, the New York Times and Wall Street Journal said.
The move is part of a trend of big securities firms trying to tap into the cash squirreled away by individual investors, the Journal said.
Schwab is targeting its largest and most sophisticated customers, USA Today said.
Fidelity launched an IPO program in January.
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