Fidelity Investments is a leading financial services and investment management company headquartered in the US but with significant international operations. Parent group FMR Corporation is itself privately owned by the founding family and employees, but operates a collection of nearly 500 separate mutual investment funds under the Fidelity banner. Combined, these and other investments represent assets under management of almost $2.5 trillion, making it the country's second largest mutual fund manager after Vanguard. FMR (or Fidelity Management & Research) was founded in 1946 when Edward C Johnson II acquired control of the Fidelity Fund, a Boston-based money manager established in 1930 to invest in Treasury stock. Johnson already managed his wealthy family's fortune - they had owned one of Boston's foremost retail stores - and had an exceptional eye for stock-picking. In just a decade he increased the funds assets management more than 16-fold. Fidelity was largely responsible for popularising mutual funds as an option for ordinary retail investors during the 1970s and 1980s. Combined annual revenues were $18.2bn in 2017. In 2016, 89-year-old chairman Ned Johnson, son of the association's founder, passed over that role to his daughter Abigail, a longstanding executive within the company and CEO since 2014. She is also the largest shareholder with around 24%, making her the world's 8th richest woman according to Forbes. Adbrands does not currently profile this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.
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Capsule checked 4th November 2016
Adbrands Weekly Update 24th Nov 2016: Fidelity chairman Ned Johnson, who has led the privately owned US investment group for the past 39 years, is to retire from the business altogether in favour of his daughter Abigail Johnson, already CEO and the group's controlling shareholder. Ned Johnson's father acquired what was then a little known money manager in 1949, and turned it into one of the country's biggest investment funds. It the largest administrator in the US of retirement savings plans.
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