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Wednesday, June 25, 2014

Tony Rochte Triumphs

News summary by MFWire's editors

Take that Lord Nelson.

It looks like the Boston Behemoth can handle itself in the ETF space despite entering it so late. Fidelity's ten sector ETFs, launched in October, have garnered $1 billion in AUM, reports Barron's, Bloomberg and Investment News.

Sector ETFs were long the territory of Vanguard and State Street.

Fido's awkwardness with ETFs changed when the Behemoth lured back Tony Rochte from State Street in March 2012 to SelectCo, Fido's ETF and speciality sector investments arm.

One of Rochte's accomplishments was shepherding these sector ETFs, powered by BlackRock.

The ETF territory promises more room to fight for in the near-future.

But win some, lose some. Vanguard recently beat Fido in DC I-O assets, albeit by a slender $1 billion. 

Edited by: Tommy Fernandez

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