Fidelity Trims Fees On Funds

Fidelity Investments has reduced the management fees of its Asset Manager, Balanced and Puritan portfolios in steps analysts said should make the funds more competitive with rival funds.

The No. 1 U.S. fund company cut a component of the management fee of the $10.5 billion Asset Manager Fund by $1.50, to $5.60, per $1,000 invested.

Fidelity said it lowered the over-all management fee of its $16.7 billion Puritan Fund by $5 to $4.60 per $1,000 invested.

The company’s $4 billion Balanced Fund was also reduced $5 per $1,000 invested, Fidelity said.

The new fee structure for the Asset Manager, Puritan and Balanced funds went into effect last month.

Mutual fund companies are under increasing pressure to lower fees to attract investors.