(Bloomberg) -- Paul Volcker hasn’t endeared himself to Wall Street bond dealers. That’s just fine with Fidelity Investments. While the U.S. Dodd-Frank Act’s Volcker Rule has curtailed the ability of banks to use their own money for trading, the biggest money managers have stepped in, using their growing buying power to absorb at a discount large amounts of bonds that get put up for sale. Those are opportunities that smaller buyers may never see.

“We’re now being viewed as a liquidity provider in the marketplace,” Ford O’Neil, who manages the $13.2 billion Fidelity Total Bond Fund in Boston, said in a telephone interview last week.

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.