Amidst a "sea change" in the money management industry, Fidelity Investments launched six new exchange-traded funds in 2016, increasing its lineup of ETFs by 40%. Meanwhile, the Boston firm slashed fees to undercut competitors on price. While this was going on, clients were pulling more money from Fidelity’s traditional mutual funds than in any year since 2011, according to Morningstar. Investors even withdrew money from some actively managed mutual funds that beat their benchmarks, according to the data provider. Read the original story from The Wall Street Journal.
