Fidelity gives BlackRock early leg up in e-advice business

Boston

FIDELITY Investments unintentionally boosted BlackRock's prospects as a robo adviser with a small investment in a start-up company that BlackRock bought last year for an estimated US$150 million.

BlackRock and Fidelity are only in the early stages of what is shaping up as a battle royale to become the go-to provider of cheap automated financial advice over the Internet.