Ownership and Operations
The founding Johnson family owns about half of Fidelity. Edward "Ned" C. Johnson 3rd is chairman of the group. His daughter, Abigail Johnson, was once the largest single shareholder with about 25%, but in October 2005, it was reported that she had sold a "significant" portion of her shares to family trusts, and that there are doubts as to whether she is still in line to succeed her father.
The FMR mutual funds are organized as Massachusetts business trusts tied to the lifetime of the Johnsons. Some of Fidelity's best known fund managers also own a share in the company, most notably Peter Lynch.
Revenue in 2003 were US$9.2 billion, followed by US$10.5 billion in 2004. As of 2007, Fidelity had 47,000 employees. As of July 29, 2009, the company employs 38,000 people.
FMR's corporate headquarters are located in Boston, Massachusetts, with the largest U.S. operations located in Marlborough, Massachusetts; Merrimack, New Hampshire; Smithfield, Rhode Island; Westlake, Texas; Covington, Kentucky; Durham, North Carolina; Albuquerque, New Mexico; Cincinnati, Ohio; Salt Lake City, Utah; Jacksonville, Florida; and American Fork, Utah. It also has offices in Canada in Toronto, Montreal, Calgary and Vancouver. Fidelity Management and Research in 2009 opened offices in both Hong Kong and Tokyo, Japan to add great capabilities to its small cap research.
In 2004, Fidelity established its first presence in India by opening an office in Mumbai. It has a very strong presence in India with over 4,000 employees there. Its second largest software development facility (after the United States) is in Bangalore and Chennai.
Fidelity Investments Ireland was established in 1996 as the European offshore development centre for Fidelity Investments and now employs over 300 people with offices in Dublin and Galway. Fidelity has a program for new IT graduates located in the Galway office in Ireland.
Fidelity also has a presence in Europe with offices in France in Paris & Marseilles and countries like Germany, Belgium, Italy, Spain and Switzerland and London, UK for its HR Solution business HR Access.
FIL's offices include asset management companies in 10 locations: London, Luxembourg, Frankfurt, Paris, Tokyo, Hong Kong, Mumbai, Seoul, Singapore and Sydney, and an extensive network of offices in 23 countries, employing more than 4,000 people.
Read more about this topic: Fidelity Investments
Famous quotes containing the words ownership and/or operations:
“They had their fortunes to make, everything to gain and nothing to lose. They were schooled in and anxious for debates; forcible in argument; reckless and brilliant. For them it was but a short and natural step from swaying juries in courtroom battles over the ownership of land to swaying constituents in contests for office. For the lawyer, oratory was the escalator that could lift a political candidate to higher ground.”
—Federal Writers’ Project Of The Wor, U.S. public relief program (1935-1943)
“A sociosphere of contact, control, persuasion and dissuasion, of exhibitions of inhibitions in massive or homeopathic doses...: this is obscenity. All structures turned inside out and exhibited, all operations rendered visible. In America this goes all the way from the bewildering network of aerial telephone and electric wires ... to the concrete multiplication of all the bodily functions in the home, the litany of ingredients on the tiniest can of food, the exhibition of income or IQ.”
—Jean Baudrillard (b. 1929)