Fidelity Investments and BlackRock (NYSE: BLK) on Wednesday announced a partnership that includes Fidelity offering more iShares ETFs commission-free and new portfolio strategies comprised of iShares funds.
The firms described the alliance as a “long-term strategic alliance that provides extensive collaboration across Fidelity’s distribution and asset management organizations with BlackRock and its leading ETF provider, iShares.”
According to a press release, the partnership will provide Fidelity customers with increased and improved access to a broad selection of passive ETF solutions provided by iShares.
“Through this groundbreaking alliance between two financial services leaders, we will leverage our complementary strengths to deliver leading ETF products and research that are unmatched to more than 10 million Fidelity customers,” said Kathleen A. Murphy, president of Personal Investing at Fidelity Investments.
Fidelity said it has established a strategic relationship with BlackRock in which the firm will help support Fidelity’s future passive sector investment management efforts.
“We are thrilled to be joining with Fidelity to create an ETF manufacturing and distribution powerhouse,” said Mark Wiedman, global head of iShares at BlackRock. “This long-term partnership will enable millions of investors to maximize the value of ETF investing.”