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Fidelity to launch no-fees fund in US

Fidelity Investments will launch two new zero-fee index mutual funds tomorrow in the US.

The funds will not have a minimum investment threshold and, tracking Fidelity’s in-house equity indices, will invest in both US and international stocks with an expense ratio of zero.

Fidelity’s existing stock and bond index funds are also set for price cuts of an average 35 per cent on an asset weighted basis.

A number of significant players in US asset management saw their share prices fall on the announcement, according to Financial Times data, with BlackRock down 4.6 per cent and Invesco down 4.3 per cent.

The latest move by Fidelity comes after Fidelity International has been trialling performance based fees on some of its OIEC funds, and the likes of Vanguard have also been targetting cost-conscious investors by launching a direct-to-consumer platform in the UK.

Leap of faith: Will performance fees restore trust in active managers?

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