BOSTON (AP) — Fidelity Investments is ramping up its small presence in the rapidly growing exchange-traded fund business by expanding a 3-year-old partnership with BlackRock Inc.'s iShares unit, the largest ETF provider.
BlackRock, in turn, will be able to sell its iShares ETFs to a much broader range of investors, including Fidelity customers and their industry-leading 18.5 million brokerage accounts. BlackRock doesn't have anything to rival that client base.
Boston-based Fidelity and New York-based BlackRock announced the partnership on Wednesday. The companies agreed in early 2010 to cooperate on a smaller scale in a three-year deal that expired.
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