Tuesday from the Office of Thrift Supervision to operate a national trust company.

Fidelity, which already manages $950 million of personal trust assets under state charters in Massachusetts and California, joins a growing list of mutual fund companies and brokerages with trust-oriented thrift charters.

Among them are A.G. Edwards & Co., Legg Mason Inc., and Merrill Lynch & Co.

Fidelity's state-chartered units are to keep managing existing accounts, but new accounts will be operated in the new thrift unit, Fidelity Personal Trust Co.

The OTS approval said securities business must be kept out of the new thrift. -- Katharine Fraser

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