Fidelity Investments is reportedly gearing up to make a run at the active exchange-traded fund space, Bloomberg News reports.
The firm will reportedly launch a series of ETFs based on its "Select" line of industry-focused equity funds. Anthony Rochte, former Head of North American Intermediary Business Group at State Street Global Advisors, will run the new ETF unit from Denver.
Vincent Loporchio, a spokesman for the firm, told the pub that rather than focusing on specific products, the firm is currently looking at "how we can best position Fidelity to further develop its sector-investing capabilities in a manner that best meets the needs of our clients."
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