Fidelity To Open ETF Unit

By Cinthia Murphy,

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Financial services giant Fidelity Investments has taken another step toward expanding its presence in the ETF market by enlisting former State Street Global Advisors' Managing Director Anthony Rochte to head its planned Denver-based ETF unit, according to a report.

SelectCo, as the unit is currently called, is the structural backbone Fidelity needs to put in place a roster of ETFs it has in the works. Right now, the firm's only ETF is the Fidelity Nasdaq Composite Index Tracking ETF (NasdaqGM:ONEQ), which has gathered $181 million since it came to market in September 2003.

Many have wondered when the Boston-based company, which is one of the largest managers of mutual fund assets in the world, would make an aggressive push into ETFs, but the company has kept mostly mum on the subject up to now.

Back in December, Fidelity filed papers with the Securities and Exchange Commission to market equity and fixed-income ETFs, covering U.S. as well as international markets, although the filing keeps the door open for other types of strategies as well.

Rochte will remain headquartered in Boston although the ETF unit is located in Denver, the report said.

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This article appears in: Investing ETFs
Referenced Stocks: ONEQ

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