Fidelity Investments on Wednesday announced eight mutual funds designed to be sold through banks and other intermediaries.
There are now 36 such funds in Fidelity's Advisor family, which are sold through banks, brokerage firms, and insurance companies. Brokers receive commissions.
The new offerings-three domestic equity funds and five international equity funds - became available at the beginning of the year.
They are part of the Boston fund company's effort to become the biggest player in the intermediary market.
Fidelity, which has been known for its direct-sold retail funds and its 401(k) business, is emphasizing the intermediary retail market because of its rapid growth.
Kevin J. Kelly, the Fidelity executive in charge of sales through intermediaries, said in a conference call Wednesday that his company estimates 70% of its mutual fund sales last year were made through brokers, up from 53% in 1995.
But Fidelity, which has about $54 billion of assets in its Advisor family, trails competitors such as like Capital Research, Putnam Investments, and Franklin Templeton Group.
The new funds, modeled after existing Fidelity funds, are: Asset Allocation; Dividend Growth; Retirement Growth; Diversified International; Europe Capital Appreciation; Global Equity; a Japan fund, and a Latin America fund.
