Fidelity hired Rochte in March. He previously worked for Fidelity between 1996 and 2000. [Fidelity Hires State Street ETF Exec Rochte]
This is the first time that Fidelity has acknowledged the new division and confirmed its name, RIABiz reports.
“But, Fidelity is declining to disclose the exact mission of SelectCo, saying only that it will focus on new options in sector investing, leaving analysts speculating that the only new options in sector investing — and certainly the only niche that makes sense for Fidelity — is actively managed ETFs in sector investing,” according to the story.
“’SelectCo’ is not a brand name, but a temporary designation for the unit, only used internally at Fidelity. It is in the early stages of building this new division and may consider a different name in the future,” RIABiz reported.