BOSTON (AP) - Fidelity Investments is trimming fees at its largest index mutual funds, a move that follows recent investment fee cuts at several industry rivals.
Fidelity on Tuesday also said it is expanding access to its lowest-cost shares available at 22 index funds. The minimum dollar amounts needed to invest in the funds are being reduced so more investors can qualify for the lowest fee levels.
The moves affect funds holding about $100 billion in assets, out of about $1.6 billion that the Boston-based company manages overall. These involve index funds, low-cost options that seek to match market performance. Fees are unchanged at Fidelity's actively managed funds, which seek to beat the market.
The largest fund where fees are being cut is Fidelity's $49 billion Spartan 500 Index Fund.