Shaquille O’Neal wants to recruit more individuals to invest in IPOs at a time when more and more of the deals are turning out to be air balls.
The legendary basketball payer is investing in Loyal3, a brokerage firm that wants to give more individual investors access to initial public offerings, according to The Wall Street Journal. Shaq is also joining the San Francisco company’s advisory board and said he will help promote the company’s mission.
Loyal3 was started three years ago, and is run by Barry Schneider, a former golf company executive. Loyal3’s executive vice president Bill Blais is a long time Wall Streeter, and a former Goldman Sachs and Morgan Stanley investment banker. Loyal3 doesn’t run do its own deals. It partners with other investment banks to get a small chunk of an IPO, typically 5%, that it then markets to individual investors. Wall Street has…
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