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Fidelity Plans Canadian Service Firm

Fidelity Investments Canada Ltd. of Toronto will create a fund administration, processing and record-keeping company. The company will service Canadian mutual fund complexes, financial planners and broker/dealers, just as Fidelity's Institutional Brokerage Group Fidelity has done in the U.S. for the past 10 years, Fidelity announced.

In setting up a Canadian fund service company, Fidelity Canada's goal is to provide comprehensive back-office services so that fund companies and intermediaries can concentrate on providing financial advice, said David Denison, president of Fidelity Investments Canada, in a statement.