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Fidelity Investments has been a leader in introducing mutual funds, but the Boston-based company is playing catchup in at least one area of the fund business: Almost a year after Charles Schwab & Co. rolled out its No-Transaction Fee program-and as Schwab is about to expand it-Fidelity is getting ready to announce a no-fee service of its own.
Schwab’s program lets investors move money among several fund companies, including Janus, Invesco, Neuberger & Berman, Dreyfus and Schwab’s own funds. The service has attracted more than $4 billion in assets. It has been popular among fee-only financial advisers as well as individuals who move among funds often.
