Some institutional pension plan sponsors, including Coca-Cola, have reportedly walked away from Fidelity Investments after the mutual fund giant implemented stringent short-term trading penalties to deter market timers. Vanguard also blocked access to Fidelity funds offered in some of its retirement plans because of the redemption fees.

Fidelity's new rules have angered some investors who say that measures blocking portfolio rebalancing and withdrawing hardship loans have gone further than necessary to combat market timing.

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