BOSTON – Fidelity Investments plans to sponsor a financial services store on Amazon.com Inc. (AMZN), giving customers of the No. 1 online retailer access to the products of the world's biggest mutual fund company, Fidelity said on Friday.
The deal will give Fidelity access to millions of potential new customers who can browse the company's roughly 381 funds and other offerings from the comfort of their homes and offices.
"This will be a virtual store with a lot of foot-traffic" Fidelity spokesman Adam Banker said of the deal.
Fidelity said the marketing agreement with Amazon also includes advertising through the Amazon site.
Financial services is a relatively new area for Amazon, a virtual department store with more than 30 outlets that sell everything from books and magazines to pet supplies, cameras, sardines and clarinets.
The move comes at a time when privately held Fidelity, which manages more than $1 trillion in assets, is aggressively courting new customers. It recently hired former Beatle Paul McCartney to appear in ads aimed at luring baby boomers' millions of dollars in assets.
Fidelity has about 110 branches across the country.