This undated handout photo provided by Vanguard shows George “Gus” Sauter, chief investment officer of Vanguard. Sauter, 58, is retiring at year-end after 25 years with Vanguard, the largest mutual fund company. While founder Jack Bogle became the public face of Vanguard, Sauter helped turn Bogle’s vision into business success, expanding the company’s lineup of low-cost index mutual funds and continually minimizing investors’ costs. (AP Photo/Vanguard)
News Summary: Fidelity, BlackRock team up on ETFs
Published: 02:31:48 PM, Wed 13 March 2013 UTC
FUND PARTNERSHIP: Fidelity Investments is ramping up its small presence in the rapidly growing exchange-traded fund business in a partnership with BlackRock Inc.'s iShares unit. IShares is the largest ETF provider and Fidelity is the second-largest mutual fund company.
MORE COMMISSION-FREE OPTIONS: The companies on Wednesday expanded an alliance begun three years ago. Fidelity customers can make commission-free trades on 65 iShares ETFs. That's more than double the number of ETFs covered under the earlier agreement.
EXPANDED ACCESS: IShares ETFs will now be offered to more investors because Fidelity has a huge customer base, including 18.5 million brokerage accounts.
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