History of Fidelity Investments in Timeline

Fidelity Investments, founded in 1946 and headquartered in Boston, is a multinational financial services corporation and one of the largest asset managers globally. As of December 2024, Fidelity boasts $5.8 trillion in discretionary assets under management and $15.1 trillion in assets under administration. The company, previously known as Fidelity Management & Research (FMR), is owned by FMR LLC.

May 1, 1930: The Fidelity Fund Incorporated

On May 1, 1930, The Fidelity Fund was incorporated in Massachusetts, with Edward C. Johnson II serving as president.

1946: Company Established

In 1946, Fidelity Investments was established, marking a change in the corporate structure from the Fidelity Fund and becoming known as Fidelity Management & Research (FMR).

May 2, 1963: Ned Johnson Managed Fund

From May 2, 1963, Ned Johnson managed Fidelity Magellan, which was founded as the Fidelity International Fund.

1965: Magellan Fund Renamed

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

1969: Fidelity International Formed

In 1969, Fidelity Investments formed Fidelity International (FIL) to serve non-U.S. markets.

December 31, 1971: End of Ned Johnson's Management

December 31, 1971, marked the end of Ned Johnson's management of Fidelity Magellan.

1973: Decline in Interest

The 1973 stock market crash led to a severe decline in interest of the Magellan Fund.

1974: Stock Market Crash

The 1974 stock market crash led to a severe decline in interest of the Magellan Fund.

May 31, 1977: Lynch Managed Fund

From May 31, 1977, Peter Lynch managed Fidelity Magellan.

1980: Fidelity International Spun Off

In 1980, Fidelity International (FIL) was spun off into an independent entity owned by its employees.

1982: 401(k) Products Offered

In 1982, Fidelity Investments began offering 401(k) products.

1984: Computerized Stock Trading Offered

In 1984, Fidelity Investments offered computerized stock trading.

May 31, 1990: End of Lynch's Management

May 31, 1990, marked the end of Peter Lynch's management of Fidelity Magellan.

1990: William Danoff Managed Contrafund

Since 1990, William Danoff has managed Fidelity Contrafund, the company's largest equity mutual fund with $145 billion in assets.

1991: First Commercial Donor-Advised Fund Launched

In 1991, Fidelity launched the first commercial donor-advised fund.

1993: High-End Wines Accepted

In 1993, Employees accepted high-end wines such as 1993 Château Pétrus as gifts from salespeople.

1995: Webpage Offered

In 1995, Fidelity became the first mutual fund company to offer a webpage.

1997: Robert Pozen Named CEO

In 1997, Robert Pozen was named CEO of Fidelity Investments.

January 2001: Document Alteration and Destruction

From January 2001, employees at Fidelity Brokerage altered and destroyed documents in branch offices.

2001: Geode Capital Management Established

In 2001, Geode Capital Management was established by Fidelity to run and incubate investment strategies for FMR.

July 2002: End of Document Alteration and Destruction

The U.S. Securities and Exchange Commission began investigating Fidelity employees altering and destroying documents in 21 of its 88 branch offices until July 2002.

September 2003: First Exchange-Traded Fund Launched

In September 2003, Fidelity launched its first exchange-traded fund, the Fidelity Nasdaq Composite Index Tracking Stock Fund (ONEQ).

2003: Geode Capital Management Spun Off

In 2003, Geode Capital Management was spun off as an independent company.

June 2004: Wealth Lab Acquired

In June 2004, Fidelity Investments acquired Wealth Lab.

2004: Fidelity Brokerage Paid to Settle Charges

In 2004, Fidelity Brokerage paid $2 million to settle charges by the U.S. Securities and Exchange Commission that employees altered and destroyed documents in branch offices between January 2001 and July 2002.

2004: Gifts Accepted

In 2004, employees accepted gifts from salespeople including tickets to the Super Bowl.

2005: Harry W. Lange Managed Fund

From 2005, Harry W. Lange managed Fidelity Magellan.

December 2006: Company Fined

In December 2006, Fidelity was fined $42 million after some employees accepted gifts from salespeople of Jefferies Group in violation of the company's policies.

February 2007: Firm Fined

In February 2007, Fidelity was fined an additional $3.75 million after employees accepted gifts from salespeople.

May 2007: Fidelity Broker-Dealers Fined

In May 2007, NASD fined two Fidelity broker-dealers $400,000 for preparing and distributing misleading sales literature promoting Fidelity's Destiny I and II Systematic Investment Plans.

2007: Legal Structure Changed to LLC

In 2007, Fidelity Investments changed its legal structure to a limited liability company, with FMR LLC becoming the owning entity.

2008: Firm Fined Again

In 2008, Fidelity was fined an additional $8 million after employees accepted gifts from salespeople.

2010: Fidelity Ventures Shut Down

In 2010, Fidelity Ventures, the venture capital arm of Fidelity, was shut down, and many of the employees created Volition Capital.

2011: International Division Name Change

In 2011, Fidelity changed the name of its international division from Fidelity International to Fidelity Worldwide Investment, and a new logo was introduced.

2012: Employee Theft

From 2012, an employee stole from the accounts of 37 international clients.

2012: Headquarters Moved

In 2012, Fidelity Investments moved its Boston headquarters to 245 Summer Street.

2012: End of Lange's Management

In 2012, Harry W. Lange ended his management of Fidelity Magellan.

2014: Abigail Johnson Appointed President and CEO

In 2014, Abigail Johnson became president and CEO of Fidelity Investments (FMR) and chairman of Fidelity International (FIL), shifting the company's focus from open-ended mutual funds to financial advice, brokerage services, and venture capital.

2015: Fidelity Growth Partners Renamed

In 2015, Fidelity Growth Partners was renamed Eight Roads Ventures.

2016: Reuters Investigation

In 2016, a Reuters investigation revealed potential corporate conflicts of interest where F-Prime Capital Partners made investments in shares at prices lower than those paid later by funds managed by Fidelity Investments.

August 2018: Mutual Funds with No Fees Introduced

In August 2018, Fidelity Investments introduced mutual funds with no mutual fund fees and expenses.

October 2018: Fidelity Digital Asset Services Launched

In October 2018, Fidelity Investments launched Fidelity Digital Asset Services, a separate entity dedicated to institutional cryptoasset custody and cryptocurrency trading.

2018: Eight Roads Launched European Fund

In 2018, Eight Roads, Fidelity's venture capital division, launched a $375 million European fund.

May 2019: Cryptocurrency Trading Launched to Institutional Customers

In May 2019, Fidelity Investments launched cryptocurrency trading to institutional customers.

September 2019: Corporate Spin-Off of Eight Roads Ventures Completed

In September 2019, Fidelity Investments completed the corporate spin-off of Eight Roads Ventures, its venture capital division.

2020: Wealth Lab Decommissioned

In 2020, Wealth Lab, which was acquired by Fidelity in June 2004, was decommissioned.

2020: Employee Theft Ended

Until 2020, an employee stole from the accounts of 37 international clients.

August 2021: Hiring Plans Announced

In August 2021, Fidelity Investments announced plans to hire 16,000 employees in 2021, with 9,000 to be hired during the second half of the year.

April 2022: Bitcoin Offered as 401(k) Investment Option

In April 2022, Fidelity Investments began offering Bitcoin as an investment option in 401(k) plans for participants whose employers elected to include it.

January 2023: Shoobx Acquired

In January 2023, Fidelity acquired Shoobx, a provider of automated equity management operations and financing software, which was integrated into Fidelity’s Stock Plan Services business.

January 2024: Spot Bitcoin ETF Launched

In January 2024, after receiving approval, Fidelity was one of several issuers that launched a spot Bitcoin exchange-traded fund (ETF).

July 2024: Spot Ethereum ETF Launched

In July 2024, after receiving approval, Fidelity was one of several issuers that launched a spot Ethereum exchange-traded fund.

December 2024: Assets Under Management and Administration

As of December 2024, Fidelity Investments managed $5.8 trillion in discretionary assets and $15.1 trillion in assets under administration.

January 2025: Fined by FINRA

In January 2025, Fidelity was fined $600,000 by the Financial Industry Regulatory Authority for lax supervision after an employee stole $750,000 from the accounts of 37 international clients from 2012 to 2020.

April 2025: No-Fee Cryptocurrency Trading Launched

In April 2025, Fidelity launched no-fee cryptocurrency trading in individual retirement accounts.

May 2025: Fined for Customer Transactions

In May 2025, Fidelity was fined and censured by federal regulators for taking weeks to complete certain customer transactions that should have taken days.