The folks at a $4.5-trillion-AUM titan are rolling out an active, go-anywhere bond fund, powered by a duo that already runs a $9.7-billion-AUM bond fund together.

Today, Jamie Pagliocco, head of fixed income at Fidelity Investments [profile], unveils the launch of the Fidelity Tactical Bond Fund (FBAGX). The new fund debuted last Thursday and is a series of the Fidelity Salem Street Trust.

The new fund comes with an expense ratio of 75 basis points (after a 60-bps fee waiver through December 31, 2023). It is distributed through the Boston Behemoth's online brokerage platforms through FAs and direct to retail investors.

Jeffrey Moore and Michael Plage, who already manage the Fidelity Investment Grade Bond Fund together, will co-PM the new fund. Fidelity's Fidelity Management & Research Company LLC (FMR) serves as the new fund's investment advisor, while its subadvisors include FM Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan).

Pagliocco puts the launch in the context of offering financial advisors and individual investors "an even more robust array of products across the risk spectrum."

"We believe it will appeal to those seeking a high level of current income and growth," Pagliocco states.

The new fund's other service providers include: Deloitte & Touch LLP as independent accounting firm; Fidelity Distributors Company LLC (FDC) as distributor); Fidelity Investments Institutional Operations Company LLC (FIIOC) as transfer agent; Fidelity's National Financial Services LLC (NFS) as securities lending agent; and State Street Bank and Trust Company as custodian. 

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