History of Fidelity Investments in Timeline

By Popular Timelines Editorial Team · Updated: July 19, 2026

Fidelity Investments, formally known as Fidelity Management & Research, is one of the world's largest asset management firms. Founded in 1946 by Edward C. Johnson II and headquartered in Boston, Massachusetts, the company provides a comprehensive suite of financial services, including investment management, retirement planning, brokerage services, and wealth management. Fidelity is well-known for its wide array of mutual funds, low-cost index funds, and advanced trading platforms for both individual and institutional investors. A pioneer in the financial services industry, the firm played a significant role in the democratization of investing by offering affordable retirement products and 401(k) management. As a privately held company, it remains a dominant force in the global capital markets, managing trillions of dollars in assets while emphasizing long-term investment strategies and technological integration to enhance the customer experience.

May 1, 1930: Incorporation of The Fidelity Fund

On May 1, 1930, The Fidelity Fund was officially incorporated in Massachusetts, marking the firm's inception with Edward C. Johnson II appointed as its president.

1946: Establishment of Fidelity Investments

In 1946, Fidelity Investments was founded under its original name, Fidelity Management & Research (FMR), marking the start of its history as an American financial services company.

1946: Corporate Restructuring to FMR

In 1946, the company underwent a corporate restructuring, adopting the new name Fidelity Management & Research (FMR) to reflect its evolving business operations.

May 2, 1963: Founding of Fidelity International Fund

On May 2, 1963, Ned Johnson founded the Fidelity International Fund, which was later renamed the Magellan Fund.

1965: Renaming to Magellan Fund

In 1965, the Fidelity International Fund was officially renamed the Magellan Fund.

1969: Formation of Fidelity International

In 1969, Fidelity Investments established Fidelity International (FIL) specifically to cater to and manage investment services for markets located outside of the United States.

December 31, 1971: End of Ned Johnson's management tenure

On December 31, 1971, Ned Johnson concluded his tenure as the manager of the Magellan Fund, a position he had held since 1963.

1973: Stock market crash impact

Starting in 1973, the Magellan Fund experienced a severe decline in investor interest due to the onset of a stock market crash.

1974: Continued stock market crash impact

During 1974, the Magellan Fund continued to suffer from the broader consequences of the stock market crash which hindered its sales operations.

May 31, 1977: Peter Lynch becomes manager

On May 31, 1977, Peter Lynch took over as the manager of the Magellan Fund, initiating a period of significant growth for the fund.

1980: Spin-off of Fidelity International

In 1980, Fidelity Investments completed the spin-off of Fidelity International, transforming it into a fully independent entity that is owned by its own employees.

1982: Introduction of 401(k) Products

In 1982, Fidelity Investments expanded its financial service offerings by introducing 401(k) products to its clients.

1984: Launch of Computerized Stock Trading

Fidelity Investments implemented computerized stock trading offerings for its customers in 1984, marking an early technological advancement in their service delivery.

May 31, 1990: Conclusion of Peter Lynch's management

On May 31, 1990, Peter Lynch stepped down as the manager of the Magellan Fund after achieving record-breaking annual returns.

1990: William Danoff Becomes Manager of Fidelity Contrafund

In 1990, William Danoff took over the management of Fidelity Contrafund, a role he has held since that time. The fund would eventually grow to become the largest actively managed mutual fund in the United States.

1993: Gift of Luxury Wine

As part of the unethical gift-giving uncovered later, staff members were provided with high-end wines, specifically the 1993 Château Pétrus, during the period leading up to the 2006 enforcement actions.

January 2001: Start of Document Alteration Period

Starting in January 2001, employees at 21 Fidelity branch offices began altering and destroying documents to manipulate internal inspection results.

July 2002: End of Document Alteration Period

By July 2002, the period during which at least 62 Fidelity employees destroyed or altered various regulatory documents, including new account applications and variable annuity forms, came to a conclusion.

September 2003: Launch of first exchange-traded fund

In September 2003, Fidelity Investments expanded its portfolio by launching its inaugural exchange-traded fund, the Fidelity Nasdaq Composite Index Tracking Stock Fund, ticker symbol ONEQ.

2004: SEC Settlement

In 2004, Fidelity Brokerage reached a $2 million settlement with the U.S. Securities and Exchange Commission regarding the destruction and alteration of internal documents that occurred between 2001 and 2002.

2004: Improper Gift Receipt Period

Throughout 2004, Fidelity employees received luxury gifts from Jefferies Group, including private chartered flights and tickets to major sporting events like the Super Bowl, Wimbledon, and the US Open, as well as various high-profile concerts.

2005: Harry W. Lange begins management

In 2005, Harry W. Lange assumed the role of manager for the Magellan Fund.

December 2006: Regulatory Fine for Gift Policy Violations

In December 2006, Fidelity Investments was ordered to pay a $42 million fine because employees accepted prohibited gifts from Jefferies Group salespeople, violating internal compliance policies.

February 2007: Additional Regulatory Penalty

Fidelity Investments incurred a further financial penalty of $3.75 million in February 2007 as a consequence of ongoing gift-related policy breaches.

February 2007: NASD Fines FMR Broker-Dealers

In February 2007, the NASD (a division of FINRA) imposed a $3.75 million fine on four broker-dealers affiliated with FMR for various regulatory failures, including registration, supervision, and e-mail retention violations, which the firms settled without admitting fault.

May 2007: NASD Fines Fidelity Broker-Dealers

In May 2007, the National Association of Securities Dealers (NASD) imposed a $400,000 fine on two Fidelity broker-dealers for the dissemination of misleading sales literature regarding Destiny I and II Systematic Investment Plans, which were marketed to military personnel. As part of the May 2007 resolution, the company was mandated to inform plan holders about the option to purchase additional shares without incurring further sales charges.

2007: Corporate Restructuring to FMR LLC

In 2007, the company underwent a formal change in its legal structure, transitioning into a limited liability company with FMR LLC established as the primary owning entity.

2008: Continued Legal Settlement

In 2008, the company faced an additional $8 million fine linked to the improper acceptance of gifts by staff members from external salespeople.

2010: Closure of Fidelity Ventures

During 2010, Fidelity Investments made the strategic decision to shutter its venture capital division, known as Fidelity Ventures.

2012: Start of Employee Embezzlement Period

Beginning in 2012, an employee initiated a scheme that resulted in the theft of $750,000 from 37 international client accounts over an eight-year duration.

2012: End of Harry W. Lange's management

In 2012, Harry W. Lange finished his term as the manager of the Magellan Fund.

2014: Abigail Johnson appointed President and CEO

In 2014, Abigail Johnson assumed the roles of president and CEO of Fidelity Investments, while also becoming chairman of Fidelity International. During this time, she shifted the company's strategic focus away from traditional open-ended mutual funds toward financial advisory services, brokerage, and venture capital.

2016: Reuters Investigation into F-Prime Capital Partners and Fidelity Investments

In 2016, a Reuters investigation uncovered potential conflicts of interest regarding the investment practices of Fidelity Investments and its subsidiary, F-Prime Capital Partners. The report highlighted instances where employees invested in pre-IPO startups through F-Prime at lower prices, followed by significant investments from Fidelity mutual funds once those companies went public, potentially inflating the value of insider holdings.

2018: Launch of Fidelity Digital Asset Services and Zero-Expense Mutual Funds

In 2018, Fidelity established Fidelity Digital Asset Services as a specialized entity for institutional cryptocurrency custody and trading, while simultaneously introducing a line of mutual funds featuring zero fees and expenses.

September 2019: Spin-off of Eight Roads Ventures

In September 2019, Fidelity Investments finalized the corporate spin-off of its venture capital arm, Eight Roads Ventures, marking a strategic shift in the organization's structure.

2020: Decommissioning of Wealth Lab

In 2020, Fidelity Investments officially ended the operations and support for the Wealth Lab platform, which the company had originally acquired in 2004.

2020: Conclusion of Employee Embezzlement Period

The unauthorized activity involving an employee stealing $750,000 from international client accounts concluded in 2020 after continuing for eight years.

April 2022: Fidelity Introduces Bitcoin to 401(k) Plans

In April 2022, Fidelity Investments initiated a program allowing employers to offer Bitcoin as an investment option within their employees' 401(k) retirement plans.

January 2023: Acquisition of Shoobx

In January 2023, Fidelity Investments expanded its Stock Plan Services business by acquiring Shoobx, a company specializing in automated financing and equity management software.

December 2024: Asset Management Milestones

As of December 2024, Fidelity Investments reported managing $5.9 trillion in discretionary assets and administering a total of $15.1 trillion in assets, establishing its position as one of the world's largest asset managers.

2024: Launch of Spot Bitcoin and Ethereum ETFs

In 2024, Fidelity Investments successfully launched spot Bitcoin and Ethereum exchange-traded funds (ETFs) following regulatory approval.

January 2025: FINRA Fine for Lax Supervision

In January 2025, Fidelity Investments was penalized with a $600,000 fine by the Financial Industry Regulatory Authority due to inadequate internal supervision practices.

April 2025: Launch of No-Fee Cryptocurrency Trading

In April 2025, Fidelity expanded its financial services by introducing no-fee cryptocurrency trading options specifically for individual retirement accounts, allowing clients to diversify their retirement portfolios with digital assets without incurring transaction fees.

May 2025: Federal Regulatory Fine and Censure

In May 2025, Fidelity Investments received a formal censure and a financial penalty from federal regulatory authorities due to systematic delays in executing customer transactions, which were significantly slower than required standards.

February 2026: Launch of Fidelity Digital Dollar (FIDD)

In February 2026, Fidelity announced plans to launch its own stablecoin, known as the Fidelity Digital Dollar (FIDD), which is scheduled to premiere on the Ethereum blockchain network.

April 2026: Fidelity Named Among America’s Most Trustworthy Companies

In April 2026, Fidelity Investments was officially recognized by Newsweek as one of "America’s Most Trustworthy Companies," highlighting the firm's standing in corporate integrity during that period.