Heard on the Street: PEs may bid for Fidelity's local MF business

Private equity players focused on financial services space are said to be interested in buying Fidelity’s domestic mutual fund business.

Investment bankers said global funds like Ashmore, Advent International and New Silk Route could look at purchasing the asset management company. But these firms have not initiated formal talks in this regard, bankers said.

Some foreign and local mutual funds are also said to be interested in buying out Fidelity Mutual Fund. Investment bankers said Fidelity could be valued at 3.5% to 4% of its total assets under management (AUM)