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Fidelity launches major division in Denver with an 'ETF quarterback' calling the shots

The new venture appears to be the Boston giant's long-awaited foray into exchange traded funds but some details are still being carefully guarded

Monday, September 17, 2012 – 4:56 AM by Kelly O'Mara
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Anthony Rochte will bring his State Street ETF smarts to bear at Fidelity's new division, SelectCo.

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Mentioned in this article:

State Street Wealth Manager Services
Asset Custodian
Top Executive: Marty Sullivan




ETF Industry

ETF Industry

September 17, 2012 — 4:42 PM

There’s information in this artcile that appears to be erroneous. In looking at an industry source that provides data for asset managers that have filed for exemptive relief (not injunctive relief, BTW) and there is nothing showing Fidelity filed 3 years ago and left the filing dormant. I believe they filed for passive ETFs in the 1990’s for the launch of the NASDAQ ETF and then filed late last year for passive ETFs. I don’t see any filings in between or anything for actively managed. Is this information erroneous, speculative or correct?

Brooke Southall

Brooke Southall

September 17, 2012 — 4:50 PM

We’ll check it out and make sure it’s right. Kelly may be on a flight on the moment.

Brooke

Brooke Southall

Brooke Southall

September 17, 2012 — 6:55 PM

I believe that this is the application in question:

http://www.sec.gov/Archives/edgar/data/35336/000032035111000069/main.htm

They did file in Dec. ’11 and it includes asking for the ability to long-short, as well as track indexes.

Stephen Winks

Stephen Winks

September 17, 2012 — 6:58 PM

The obvious opportunity is not yet another ETF fund family, but taking a chapter out of DFA’s book (which is attracting capital like mad, out raising the industry’s largest load funds) is client specific rather than product (investment mandate specific) advisory services, where SelectCo utilizes extraordinary intellectual capital at its disposal to build client specific portfolios. Portfolio construction prowess is directed to each client not a generalized abstract investment mandate limited by prospectus.

The average broker’s portfolio generates 4.3% in a 15.9% market. SelectCo can materially improve on that.

Importantly, the solution may not be ETFs, but model portfolios (real time manager buy/sell research with out account administration services from the manager) which cuts 100 bps plus out of portfolio construction, facilitates real time data management not possible in a mutual fund, eliminates investment minimums, through overlay management facilitates expert technical competency in the broker managing complex values like tax efficiency, transactions cost, etc, which are beyond the capabilities of the broker and advisor, and introduces the real time management of dataand transparency required for continuous, comprehensive counsel necessary for fiduciary standing—not possible in a mutual fund.

Justin Vantil took this capability which is the threshold introduction to modernity in portfolio construction to Morningstar several years ago and has had great adoptionat the high end of the banking industry.

Time will tell, but a far less expensive far superior expert approach to portfolio construction is the key to the industry embracing modernity and achieving exponential increases in advisor productivity.

Modernity has little to do with what used to work in the past.

The self interest of the brokerage industry is now nearing the point where it is not just conter to the best interest of the investing public but but it is now counter to the best interest of the industry itself as the industry’s approach to portfolio construction is about to become outdated.

SCW

Paul Weisbruch

Paul Weisbruch

September 18, 2012 — 1:25 AM

“ETF Industry” feel free to contact me at any point to discuss. pweisbruch@streetonefinancial.com or 855-713-3837. Opining in a public forum on content important articles that involve legal/SEC/exemptive relief issues/lawyers/and compliance is rarely productive.

ETF Industry

ETF Industry

September 18, 2012 — 1:40 PM

Brooke, agree that there was a filing in December 2011. My question was on the statement in the article indicating there was another filing by Fidelity with the SEC: “a few years ago. And, then it sat on it.” I’ve checked all of my sources and have only found the filing they did in the 1990’s and 2011, both for passive ETFs. If there was a filing a few years ago, can you send the link to Edgar? I’d like to review it.

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