Fidelity Investments has reportedly hired exchange traded fund product developer Greg Friedman as the firm looks set to broaden its footprint in the ETF business.
Friedman has previously worked as an ETF product management executive at iShares and Russell.
“Fidelity has been aggressively recruiting within the ETF industry for Fidelity’s select business based in Denver, particularly among the large number of iShares alumni in the industry,” Jacke Noblett at Ignites.com reported Thursday.
Fidelity only has one ETF currently, Fidelity Nasdaq Composite Index (NasdaqGM: ONEQ), but the firm is expected to expand its lineup following the hire of State Street (NYSE: STT) veteran Tony Rochte.
Last year, reports surfaced that Fidelity was launching a new ETF business based in Denver headed by Rochte.
Fidelity has filed to launch actively managed exchange traded funds and its first ETF offering in the series is expected to be a corporate bond fund.