SECURITIES
From Times Staff and Wire Reports
Fidelity to Waive Some Fees: In a move that could spark a price war in the mutual fund industry, Fidelity Investments said it will waive sales charges on most of its stock funds when they are purchased for a Fidelity retirement account, such as an individual retirement account. Beginning Nov. 1, the mutual fund giant will waive sales charges on all existing stock funds except Fidelity Magellan and Fidelity Select portfolios when investors are purchasing shares for retirement accounts. Most Fidelity stock funds carry a sales charge of 2% to 3%. In addition, Fidelity’s discount brokerage arm will waive the annual maintenance fee for brokerage retirement accounts that trade twice or more between Nov. 1, 1992, and Oct. 31, 1993.
