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2024-04-03 07:11:32

Fidelity Investments

American financial services corporation
American financial services corporation
Fidelity Investments, formerly Fidelity Management & Research, is a major asset manager with $4.9 trillion in assets under management. Established in 1946, the company offers various financial services including mutual funds, retirement services, and life insurance.
1930-05-01
Fidelity Fund becomes Fidelity Investments
The 'Fidelity Fund' transitioned into Fidelity Investments under Edward C. Johnson II in May 1930, during the Great Depression. It was the only approved fund due to widespread bank failures.
1943
Foundation of Fidelity Management & Research Company
Fidelity Management & Research Company was founded to act as the investment adviser to Fidelity Fund, with Edward C. Johnson 2d serving as president.
1946
Establishment of Fidelity Investments
Fidelity Investments, formerly known as Fidelity Management & Research (FMR), was established in 1946 in Boston, Massachusetts. It has grown to become one of the largest asset managers in the world.
1957
Edward C. (Ned) Johnson 3d joins Fidelity as a research analyst
In 1957, Edward C. (Ned) Johnson 3d became part of Fidelity as a research analyst, contributing to the company's research and investment strategies.
1958
Introduction of Trend and Capital funds by Fidelity
In 1958, Fidelity introduced Trend and Capital funds, pioneering aggressively managed equity funds in the industry.
1959
Merrill Lynch & Co., Inc. incorporated
Merrill Lynch & Co., Inc. was incorporated in 1959.
1962
Establishment of Magellan Fund
In 1962, Fidelity Investments established the Magellan Fund, which later became the largest mutual fund in the world.
1963-05-02
Ned Johnson manages Fidelity Magellan
From May 2, 1963, Ned Johnson managed Fidelity Magellan, a large equity fund with a significant history in the mutual fund industry.
1964
Formation of FMR Investment Management Service Inc.
In 1964, Fidelity Investments established FMR Investment Management Service Inc. to cater to corporate pension plans.
1965
Fidelity Foundation established by Edward C. Johnson 2d and Edward C. Johnson 3d
In 1965, Edward C. Johnson 2d and Edward C. Johnson 3d founded the Fidelity Foundation, demonstrating the firm's dedication to supporting the communities served by Fidelity.
1969
Fidelity International Limited founded in Bermuda
In 1969, Fidelity International Limited was established in Bermuda to manage mutual funds exclusively for overseas investors. Additionally, a research office was opened in Japan.
1972
Ned Johnson becomes President of Fidelity Investments
In 1972, Ned Johnson succeeded his father as president of Fidelity Investments, taking over during a challenging market period.
1974
Establishment of Fidelity Daily Income Trust (FIDIT)
In 1974, Fidelity Investments established Fidelity Daily Income Trust (FIDIT), the first money market fund to offer check writing, revolutionizing the industry.
1975
Edward C. Johnson 3d Becomes Chairman and CEO of FMR Corp
In 1975, Edward C. Johnson 3d took on the role of chairman and CEO of FMR Corp.
1976
Kohlberg Kravis Roberts & Co. founded
Kohlberg Kravis Roberts & Co. was founded in 1976.
1977
Fidelity Launches 403(b) Plans
In 1977, Fidelity introduced 403(b) plans for government, nonprofit organizations, and educational institutions.
1978
National Financial Services Corporation Established by Fidelity
In 1978, Fidelity established the National Financial Services Corporation to provide broker-dealers with cutting-edge clearing and execution products.
1979
Establishment of Fidelity Institutional Services
In 1979, Fidelity Institutional Services was formed to manage relationships with corporate clients, enhancing the company's services for institutional investors.
1981
401(k) Products and Services Offered by Fidelity
In 1981, Fidelity started offering 401(k) products and services to plans using its mutual fund product line.
1982
Fidelity's First Street-Level Investor Center Opens in Boston
In 1982, Fidelity opened its first street-level Investor Center in Boston, providing customers with personal service, free information, and investment guidance.
1984
Launch of Fidelity Investor's Express (FIX)
Fidelity introduced computerized trading through Fidelity Investor's Express (FIX) on floppy disks, enabling customers to trade stocks conveniently.
1986
Fidelity's growth by 1986
By 1986, Fidelity had 2,800 employees, managed 104 mutual funds, and had $50 billion in assets under management.
1987-10-19
Black Monday Crash
On October 19, 1987, Fidelity and its Magellan Fund were heavily impacted by the stock market crash, leading to significant sell-offs and a drop in assets under management.
1988
Launch of Portfolio Advisory Services (PAS) by Fidelity
Fidelity introduced Portfolio Advisory Services (PAS) to offer investors discretionary investment management, asset allocation, and portfolio rebalancing.
1989
Formation of Fidelity Charitable Gift Fund
The Fidelity Charitable Gift Fund was established to provide customers with easy and tax-advantaged ways to make charitable donations.
1990
Fidelity Contrafund managed by William Danoff
Fidelity Contrafund, managed by William Danoff since 1990, is the company's largest equity mutual fund with $107.4 billion in assets, making it the largest non-indexed fund in the U.S.
1991
Fidelity Charitable established as a Donor-Advised Fund
Fidelity established Fidelity Charitable, a Donor-Advised Fund (DAF), in 1991, becoming the first commercial DAF provider.
1993
Opening of State-of-the-Art Print and Mail Facility
Fidelity inaugurates a cutting-edge print and mail facility in Covington, Kentucky, pioneering the use of manufacturing technology in the industry's print mail operations, showcasing its innovative approach to efficiency.
1994
Challenges faced by Fidelity in 1994
In 1994, Fidelity encountered setbacks in high-risk bond investments due to economic factors, but still outperformed most of its competition.
1995
Fidelity's Internet Pioneer Status
Fidelity becomes a pioneer in the Internet space by being the first mutual fund company to establish a home page, showcasing its forward-thinking approach towards technology and customer engagement.
1996
Fidelity Investments Ireland established as European offshore development centre
Fidelity Investments Ireland was founded in 1996 as the European offshore development center for Fidelity Investments. It currently has over 1,000 employees and operates from offices in Dublin and Galway, serving as a significant hub for the company's European operations.
1997
Robert Pozen named CEO
In 1997, Robert Pozen was appointed as the CEO of Fidelity Investments, bringing new leadership to the company.
1998
FMR LLC Establishment
FMR LLC was established in 1998.
1999
Introduction of Fidelity Retirement Income Advantage
Fidelity launched the Retirement Income Advantage service, providing comprehensive financial planning and management solutions for investors during retirement.
2000
Community Newspaper Company sold to Boston Herald
Fidelity's subsidiary, Community Newspaper Company, the largest chain of newspapers in suburban Boston, Massachusetts, was sold to the Boston Herald in 2000.
2003
Launch of first ETF
In 2003, Fidelity Investments launched its first ETF, the Fidelity Nasdaq Composite Index Tracking Stock Fund (ONEQ), expanding its investment offerings.
2004
Fidelity Brokerage Settlement with SEC
In 2004, Fidelity Brokerage paid $2 million to settle charges by the U.S. Securities and Exchange Commission for employees altering and destroying documents in multiple branch offices between 2001 and 2002.
2005-10
Abigail Johnson's Share Sale
In October 2005, Abigail Johnson, the then largest single shareholder of FMR, sold a significant portion of her shares to family trusts, raising doubts about her succession as the company's leader.
2007-05
NASD Fine on Fidelity Broker-Dealers
In May 2007, NASD fined two Fidelity broker-dealers $400,000 for distributing misleading sales literature related to Fidelity's Destiny I and II Systematic Investment Plans, primarily targeting U.S. military personnel.
2008
Fidelity receives ISO 27001 certification for data security
Fidelity achieved ISO 27001 certification for data security, recognized as 'world class' by the International Organization for Standards in Geneva, Switzerland.
2009
Fidelity Management and Research opens offices in Hong Kong and Tokyo
In 2009, Fidelity Management and Research expanded its operations by opening offices in Hong Kong and Tokyo, Japan to enhance its small cap research capabilities.
2010-09-30
National Financial Services LLC custodian for $443 billion in assets
As of September 30, 2010, National Financial Services LLC, a subsidiary of Fidelity Investments, served as the custodian for over $443 billion in assets across 4.3 million accounts.
2011
Launch of Fidelity Patent Program
Fidelity initiates the Patent Program to safeguard its inventors and innovative ideas by applying for formal patents.
2012
Fidelity Headquarters Moved to 245 Summer Street
In 2012, Fidelity Investments moved its Boston headquarters to 245 Summer Street.
2013
Introduction of Fidelity’s Next Generation Contact Center
Fidelity launches the Next Generation Contact Center program to offer customers a seamless and engaging experience across all interaction channels.
2014
Abigail Johnson Becomes President and CEO of Fidelity Investments
In 2014, Abigail Johnson became president and CEO of Fidelity Investments (FMR) and chairman of Fidelity International (FIL).
2015
Fidelity Charitable Accepts Bitcoin Donations
Fidelity Charitable, known as 'an early adopter' in philanthropy and digital assets, starts accepting bitcoin donations based on donor preferences.
2016
Competition between F-Prime Capital Partners and Fidelity Investments
F-Prime Capital Partners, managed by key leaders of Fidelity Investments, competes directly with Fidelity Investments public funds by making early investments at lower prices, leading to conflicts of interest and lower returns for Fidelity fund shareholders.
2017
Abby Johnson speaks about blockchain technology
In 2017, Abby Johnson discussed the potential benefits of blockchain technology at Consensus 2017, a significant blockchain conference.
2018
Fidelity Investments introduces zero-expense-ratio mutual funds
In 2018, Fidelity Investments launched a new line of zero-expense-ratio mutual funds for individual investors, including the ZERO Total Market Index Fund and ZERO International Index Fund, which quickly amassed over $1 billion in assets. Subsequently, two more zero-expense funds were introduced, collectively providing market exposure to a significant portion of industry index assets.
2019-05
Fidelity Plans to Offer Cryptocurrency Trading to Institutional Customers
In May 2019, it was reported that Fidelity Investments would soon be offering cryptocurrency trading to institutional customers.
2019-10
Fidelity Digital Asset Services Launched
In October 2019, Fidelity launched Fidelity Digital Asset Services to handle cryptocurrency custody and trade execution for institutional investors.
2020-01
Fidelity Launches 'Stocks By The Slice' Program
At the end of January 2020, Fidelity launched 'Stocks By The Slice', a program aimed at investors wishing to capitalize on fractional-share ownership and micro-investing.
2020-03
Fidelity Opens Investor Center in Chesnut Hill, MA
In March 2020, Fidelity opened a new investor center in Chesnut Hill, MA.
2021-03
Fidelity Files for Bitcoin ETF with SEC
In March 2021, Fidelity filed for introducing a Bitcoin ETF with the SEC.
2021-08
Fidelity Announces Plans to Hire 16,000 Employees
In August 2021, Fidelity announced plans to hire 16,000 employees in 2021, including 9,000 during the second half of the year.
2022-04
Fidelity Investments offers Bitcoin in 401(k) plans
In April 2022, Fidelity Investments announced the inclusion of Bitcoin as an investment option in its 401(k) plans by mid-year, becoming the first major 401(k) provider to offer cryptocurrency for retirement savers.
2023-12-26
Fidelity Launches Eleven 'Disruption' Funds
Fidelity has recently introduced eleven new 'disruption' funds, including ETFs focused on automation, communications, finance, medicine, technology, and disruptors. These funds aim to capitalize on emerging trends and innovative industries.
2024-01-11
Fidelity launches Bitcoin ETF
On January 11, 2024, Fidelity's Spot Bitcoin exchange-traded fund (ETF) was granted approval and officially launched, marking a significant milestone in the cryptocurrency investment market.
2024-03-31
Launch of Fidelity ZERO Index Funds
Fidelity introduced Fidelity ZERO Total Market Index Fund, Fidelity ZERO International Index Fund, Fidelity ZERO Large Cap Index Fund, and Fidelity ZERO Extended Market Index Fund for individual retail investors.
End of the Timeline
Fidelity Investments

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Fidelity Investments

American financial services corporation
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