Though it is shying away from official confirmation, Fidelity Investments seems to be not-so-secretly building its long-awaited foray into the exchange-traded fund market out West, after hiring a new ETF gunslinger and creating a new division in Denver, Colo.

The new unit, called SelectCo, will be headed by former State Street Global Advisors senior managing director Anthony Rochte, who specialized in ETF products at State Street, which controls the market’s second-largest offering of ETFs. Rochte re-joined Fidelity in March, becoming president of the then-unnamed unit that was to focus on specialized sector investments.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.