BlackRock, Fidelity Unveil Diversified Income Portfolio

BlackRock (NYSE: BLK), the world’s largest asset manager, and mutual fund giant Fidelity today announced the launch of the BlackRock Diversified Income Portfolio, an ETF managed account product that expands the partnership started by the two firms over a year ago.

“The BlackRock Diversified Income Portfolio is an ETF managed account that will be available exclusively to all eligible retail investors through Fidelity’s managed accounts service beginning May 1,” according to a statement issued by the firms.

The product is a multi-asset, income-generating solution constructed using mostly ETFs. BlackRock Diversified Income Portfolio will provide investors with income opportunities across various asset classes, regions and sectors.

In March 2013, BlackRock and Fidelity unveiled a partnership that included 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.” [BlackRock, Fidelity Launch ETF Partnership]

Today, the two companies also announced that over the past year, investors and advisors invested 86 percent more in the 65 iShares ETFs that can be purchased commission-free through Fidelity than in the prior year, according to the statement.