Fidelity Investments has rehired State Street’s Anthony Rochte to head up a new division dedicated to specialized sector investments, Bloomberg reports.
“Rochte was a senior managing director at Boston-based State Street’s money-management unit, where he helped run the world’s second-largest line-up of exchange traded funds,” according to the Bloomberg article. “He will become president of the new division starting in late April.”
Rochte previously worked for Fidelity between 1996 and 2000.
At the end of February, State Street offered 109 ETFs with total assets of about $296 billion, according to data from ETF Industry Association.
Fidelity currently manages only one ETF: Fidelity Nasdaq Composite Index (NYSEArca: ONEQ). It holds nearly $200 million. [Fidelity to Boost ETF Presence in 2012?]
However, the Boston-based fund firm has filed to launch more ETFs. [Fidelity ETF Filing]
Fidelity Nasdaq Composite Index
