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About 1,200 ETFs are on the U.S. market, with BlackRock's iShares recently commanding a market leading share of 44 percent of all ETF assets, according to the research firm ETFGI. Combined, iShares, State Street and Vanguard commanded 84 percent of the market. But Fidelity, the second-largest manager of mutual funds behind Vanguard, has been late to venture into ETFs. In December, the privately held company filed a regulatory application to launch its first actively managed ETFs that seek to outperform the market, rather than match an index. Actively managed ETFs are a small but growing segment of the overall ETF market. Kathleen Murphy, president of personal investing at Fidelity, said her company will continue to focus on developing actively managed ETFs as well as strengthening its existing lineup of managed mutual funds. The company will rely on iShares' index-oriented ETF lineup, rather than launching Fidelity-branded index ETFs, she said. Mark Wiedman, global head of iShares at BlackRock, said the agreement allows his company to partner with a company "that's the leader in talking to the direct client, something that BlackRock does not have." As the end of the initial three-year deal approached, BlackRock decided to "double down" by expanding it, Wiedman said. The new agreement will last longer than the earlier three-year deal, although the companies aren't disclosing how long it will last.
[Associated
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