Fidelity one-ups Vanguard, iShares as first fund company to offer a no-fee index fund

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Fidelity Total International Index Fund 0.06 percent Kathy Murphy, president of Fidelity’s personal investing business, said in an interview on CNBC on Wednesday afternoon that focusing on the inability to make money from no-fee funds misses the point about how the company can best leverage its scale with customers. “We look at long-term relationships with clients and we benefit from clients having a relationship of 30 to 40 years with us. This isn’t the first thing we have made free to investors. We have tools and research and billpay, the overall relationship provides value.” Fidelity…

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