News Summary: Fidelity, BlackRock team up on ETFs

News Summary: Fidelity, BlackRock's iShares teaming up to expand ETF alliance

Associated Press

FUND PARTNERSHIP: Fidelity Investments is ramping up its small presence in the rapidly growing exchange-traded fund business in a partnership with BlackRock Inc.'s iShares unit. IShares is the largest ETF provider and Fidelity is the second-largest mutual fund company.

MORE COMMISSION-FREE OPTIONS: The companies on Wednesday expanded an alliance begun three years ago. Fidelity customers can make commission-free trades on 65 iShares ETFs. That's more than double the number of ETFs covered under the earlier agreement.

EXPANDED ACCESS: IShares ETFs will now be offered to more investors because Fidelity has a huge customer base, including 18.5 million brokerage accounts.

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