History of Fidelity Investments in Timeline

Fidelity Investments, also known as Fidelity Management & Research (FMR), is a multinational financial services corporation based in Boston, Massachusetts. Founded in 1946, Fidelity is one of the world's largest asset managers, holding $5.8 trillion in discretionary assets under management and $15.1 trillion in assets under administration as of December 2024. The company provides a wide range of financial products and services to individuals and institutions.

May 1, 1930: Incorporation of The Fidelity Fund

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

1946: Establishment of Fidelity Management & Research (FMR)

In 1946, Fidelity Investments, originally known as Fidelity Management & Research (FMR), was established.

1946: Name change to Fidelity Management & Research (FMR)

In 1946, Fidelity's corporate structure changed, and the company became known as Fidelity Management & Research (FMR).

May 2, 1963: Ned Johnson Founded Fidelity International Fund

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

1965: Renaming to Magellan Fund

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

1969: Formation of Fidelity International (FIL)

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

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

Ned Johnson's management of Magellan ended on December 31, 1971.

1973: Stock Market Crash - 1973-1974

The 1973 stock market crash impacted sales and interest in Magellan.

1974: Stock Market Crash - 1973-1974

The 1974 stock market crash impacted sales and interest in Magellan.

May 31, 1977: Start of Lynch's Management of Magellan

On May 31, 1977, Lynch began managing Magellan.

1980: Spin-off of Fidelity International (FIL)

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

1982: Introduction of 401(k) Products

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

1984: Offering of Computerized Stock Trading

In 1984, Fidelity started offering computerized stock trading.

May 31, 1990: End of Lynch's Management of Magellan

On May 31, 1990, Lynch ended his management of Magellan.

1990: William Danoff Manages Contrafund

Since 1990, William Danoff has managed Fidelity Contrafund, which has $145 billion in assets.

1991: Launch of First Commercial Donor-Advised Fund

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

1993: Gifts Included 1993 Chateau Petrus

In 1993, gifts received by employees, that led to the fine in December 2006, included high-end wines such as 1993 Château Pétrus.

1995: First Mutual Fund Company with a Webpage

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.

January 2001: Document Alteration Occurred

Between January 2001 and July 2002, Fidelity employees altered and destroyed documents, which was investigated in 2004.

2001: Establishment of Geode Capital Management

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

July 2002: Document Alteration Occurred

Between January 2001 and July 2002, Fidelity employees altered and destroyed documents, which was investigated in 2004.

September 2003: Launch of Fidelity Nasdaq Composite Index Tracking Stock Fund (ONEQ)

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

2003: Spin-off of Geode Capital Management

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

June 2004: Acquisition of Wealth Lab

In June 2004, Fidelity acquired Wealth Lab.

2004: Settlement with SEC for Document Alteration

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 21 of its 88 branch offices.

2004: Gifts Included 2004 Super Bowl Tickets

In 2004, gifts received by employees, that led to the fine in December 2006, included tickets to the 2004 Super Bowl.

2005: Harry W. Lange Manages Magellan

In 2005, Harry W. Lange began managing Magellan.

December 2006: Fine for Accepting Gifts

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

February 2007: Additional Fine

In February 2007, Fidelity was fined an additional $3.75 million relating to accepting gifts.

February 2007: Fine by NASD for FMR-Affiliated Broker-Dealers

In February 2007, the NASD fined four FMR-affiliated broker-dealers $3.75 million for alleged registration, supervision, and e-mail retention violations; the firms settled without admitting or denying the charges.

May 2007: NASD Fine for Misleading Sales Literature

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 Change to LLC

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

2008: Additional Fine

In 2008, Fidelity was fined an additional $8 million relating to accepting gifts.

2010: Shutdown of Fidelity Ventures

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

2011: Name Change of International Division

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

2012: Employee Theft

From 2012 to 2020, an employee stole funds, which resulted in a fine in January 2025.

2012: Relocation of Boston Headquarters

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

2012: Harry W. Lange Stops Managing Magellan

In 2012, Harry W. Lange stopped managing 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 towards financial advice, brokerage services, and venture capital.

2015: Fidelity Growth Partners Renamed Eight Roads Ventures

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

2016: Reuters Investigation into F-Prime Capital Partners

In 2016, a Reuters investigation highlighted potential conflicts of interest related to investments made by F-Prime Capital Partners and subsequent investments by funds managed by Fidelity Investments.

August 2018: Introduction of No-Fee Mutual Funds

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

October 2018: Launch of Fidelity Digital Asset Services

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

2018: Eight Roads Launches European Fund

In 2018, Eight Roads launched a $375 million European fund.

May 2019: Launch of Cryptocurrency Trading for Institutional Customers

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

September 2019: Spin-off of Eight Roads Ventures

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

2020: Employee Theft

From 2012 to 2020, an employee stole funds, which resulted in a fine in January 2025.

2020: Decommissioning of Wealth Lab

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

August 2021: Announcement of Hiring Plans

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

April 2022: Offering Bitcoin in 401(k) Plans

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

January 2023: Acquisition of Shoobx

In January 2023, Fidelity acquired Shoobx, a provider of automated equity management operations and financing software.

January 2024: Launch of Spot Bitcoin ETF

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

July 2024: Launch of Spot Ethereum ETF

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

December 2024: Assets Under Management

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

January 2025: Fine by FINRA for Lax Supervision

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.

April 2025: Launch of No-Fee Cryptocurrency Trading in IRAs

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

May 2025: Fine for Transaction Delays

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