Fidelity Investments is filling a gap in its Advisor fixed-income product line. The Boston Behemoth has launched a municipal bond fund targeting investors with intermediate to long-term horizons.
The new addition is the third nationwide municipal fund with each differing in its bond maturity structure. All counted it brings the number of Advisor funds offered by the company to 82, Fidelity officials said.
Fidelity plans to sell the fund through financial advisors at banks, insurers and brokerages.
Fidelity Advisor Intermediate Municipal Income Fund, managed by Doug McGinley “seeks as high a level of current income, exempt from federal personal income tax, as is consistent with preservation of capital,” the company said in a statement.
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