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Tuesday, May 14, 2013 Rochte On! SEC OKs Fido And the starter pistol has been fired. Fidelity [profile] recently received approval from the SEC to launch actively managed ETFs. Fido has been quietly building up its capability in the ETF space. It hired in March 2012 former SSgA executive Tony Rochte to help launch the firm's ETF arm, dubbed SelectCo, in Denver. Rochte has continued the buildup by hiring former Russell Investments exec Greg Friedman. What is next for Fidelity and these active products? A Fidelity spokesperson provided MFWire with this statement:
On a side note, it will be interesting to see who ends up serving as the market maker(s) of these products. Currently, Knight Capital serves as the designated market maker for Fideltiy's sole ETF, the Fidelity Nasdaq Composite Index® Tracking Stock Fund. Fidelity launched its first ETF in 2003 as part of a strategy led by then=top-Fidelity executives Bob Reynolds and . Of course, Reynolds had since gone over to Putnam. Carney himself has gone through a number jobs, including a new gig at MacKenzie. Printed from: MFWire.com/story.asp?s=43873 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |