FILE PHOTO: A sign marks a Fidelity Investments office in Boston, Massachusetts, U.S. September 21, 2016. REUTERS/Brian Snyder
(Reuters) – Fidelity Investments, one of the world’s largest investment managers, said on Tuesday it has expanded its commission-free exchange traded fund (ETF) platform to include more than 500 ETFs.
The expansion is a part of Fidelity’s partnership with asset manager BlackRock Inc, the company said bit.ly/2BzXqu6 in a statement.
Poor performance of asset managers toward the end of 2018 prompted investors to withdraw cash from actively managed institutional funds in the fourth quarter, but people parked record cash in the company’s low-cost exchange traded funds.
Fidelity has more than $6.7 trillion of assets under management, including $380 billion in ETF assets, and currently serves more than 13,000 institutions.
The platform will offer ETFs from over ten asset managers, including iShares ETFs.
Reporting by Bharath Manjesh in Bengaluru; Editing by James Emmanuel