As he prepared to hand over the reins of Fidelity Research and Management to his son Ned in the 1970s, founder Edward Johnson passed on some sage advice: oppose orthodox thinking.
At the time, the Boston-based firm was primarily an asset manager whose reputation was built around star stockpickers. When Ned took over, it had $4.8bn under management — far less than rivals such as T Rowe Price.
Today, the rebadged Fidelity Investments oversees $16.4tn of customers’ money and directly manages $6.4tn of assets, making it one of the world’s largest asset managers. Its $32.7bn of revenues last year, a 16 per cent increase on 2023, were over 50 per cent higher than those of BlackRock, the world’s largest listed asset manager.
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