Why would you want to pay mutual fund management fees when you can buy and sell Exchange Traded Funds?
They are doing those investors a favor by removing the option to invest in an underperforming asset class.
This is pure politics with no substance. Fidelity can't be saying that some member of the president's entourage can't go on line in his London hotel and place a trade. If he can, then the same applies for an Iowan farmer who's been working on an Australian station for the past two years.
My bet is what's really happening is that Fidelity's trying to sweet talk the IRS out of some big hit to their corp taxes. A hefty Dem campaign donation will soon follow...
I suppose this includes Fidelity employees who live and work in London, Hong Kong and other global banking centers
What about all the internationally-based employees who have these funds in their retirement accounts and pension plans?
Fidelity is nasty anyway. I took all my money out years ago when they threw a corporate fundraiser for Barney Frank
Might as well just order all expats (and more importantly, their assets) “Home to the Reich” right away. FATCA’s making it impossible for people to bank or invest overseas does the same thing.