(Reuters) Fidelity Investments is building an automated portfolio-management service for individual investors, joining a growing group of money and brokers that have bought or designed such "robo-advisers," a spokesman for the firm said Friday.
The platform, called Fidelity Go, is being piloted internally now and will be made available next year for a small group of clients to test, according to Fidelity spokesman Robert Beauregard.
Some investors "don't have the skill, will or time to manage their money, and so they turn to a partner," said Beauregard.
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Fidelity's platform will make use of the company's own products, which include mutual funds. But the firm will also use funds managed by BlackRock, the largest manager of exchange-traded funds under its iShares brand and a business partner of Fidelity's.