Fidelity Investments: At The Top Of The Game
One company that is usually described in the superlative is Fidelity Investments. In 1946 Fidelity Management and Research Company (FMR Co.) was founded by Edward C. Johnson II. This company was established to act as the investment advisor to Fidelity Fund where Johnson was elected president and director in 1943. Having stuck to its core business of mutual funds the company has risen to become one of the world’s largest mutual funds firms.
Fidelity has a staggering $3.4 trillion in assets under administration including $1.5 trillion of managed assets as of December 31, 2011. It is one of the world’s leading asset management companies. Fidelity has more than 20 million individual and institutional clients and also serves 5,000 plus financial intermediary firms. The company is the largest provider of Individual Retirement Accounts (IRA) in the U.S. It also runs a leading online discount brokerage having 170 investor centers in the US, Europe, Canada and Asia.
The company has also been generous on the philanthropic side. The Fidelity Charitable was established as an independent public charity in 1991. Since its establishment the charity has assisted donors support for over 150,000 nonprofit organizations with more than $12 billion in grants.
Fidelity is a private company that is largely controlled by the founding Johnson family. Edward C. Johnson III is the chairman of the board and CEO. Daughter Abigail Johnson also plays a prominent role in the professionally run company.