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JPMorgan and Fidelity Brokerage Company Form Strategic Alliance


Fidelity’s Retail and Institutional Brokerage Clients Gain Access to JPMorgan Equity and Fixed-Income Offerings

New York and Boston, February 28, 2006 - JPMorgan, the investment banking unit of JPMorgan Chase & Co (NYSE: JPM) and Fidelity Brokerage Company, one of the nation’s leading brokerage firms, today 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, which includes initial public offerings, secondary share sales and certain negotiated municipal bond offerings.

Through the strategic alliance, JPMorgan will become the primary provider of new issue equity and fixed-income products to Fidelity’s brokerage clients, including its retail customers, who hold approximately 10.7 million accounts, more than 3,000 registered investment advisors and more than 350 broker/dealer firms with 65,000 individual brokers, 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.

“We continue to make significant investments in our brokerage business to strengthen our overall offering and ensure Fidelity’s retail and institutional brokerage customers have access to the technology, services and investment products they need to be successful,” said Ellyn A. McColgan, president, Fidelity Brokerage Company. “We are pleased to establish an alliance with one of the top underwriters in the industry, and believe that access to the additional investment opportunities offered through this relationship will significantly benefit our customers.”

“This alliance gives JPMorgan and its clients access to Fidelity’s extensive distribution network,” said Steve Black, co-CEO of JPMorgan’s Investment Bank. “We are now able to offer our clients the opportunity to reach a far broader set of investors. Becoming Fidelity’s primary provider of new issue equity and debt products is a key competitive advantage for JPMorgan.”

As a worldwide leader in investment banking, 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.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. has its corporate headquarters in New York and its U.S. consumer and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients. Information about the firm is available at

About Fidelity Investments

Fidelity Investments is one of the world’s largest providers of financial services, with custodied assets of $2.4 trillion, including managed assets of more than $1.2 trillion as of December 31, 2005. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 21 million individuals and institutions as well as through 5,500 financial intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. For more information about Fidelity Investments, visit


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