Fidelity Is Said to Plan Jump Into ETFs With Active Funds

Fidelity Investments, the asset manager that watched from the sidelines as exchange-traded funds went from zero to $1.5 trillion over the past 20 years, is finally preparing to jump into the business, according to a person familiar with the matter.

Fidelity, based in Boston, aims to become the first major mutual-fund company to introduce ETFs run by active stock pickers by opening a series of products based on its “Select” line of industry-focused equity funds, said the person, who asked not to be named because the plan isn’t public. The Denver-based unit that would run the ETFs is headed by Anthony Rochte, who was hired from State Street Corp. in March, the person said.