History of Fidelity Investments in Timeline

Fidelity Investments, established in 1946 and headquartered in Boston, is a multinational financial services corporation. As one of the world's largest asset managers, Fidelity boasts $5.9 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 services to a diverse client base.

May 1, 1930: The Fidelity Fund Incorporated

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

1946: Establishment of Fidelity Investments

In 1946, Fidelity Investments was established, marking the beginning of its operations in financial services.

1946: Corporate Structure Change

In 1946, the corporate structure of The Fidelity Fund changed, leading to its renaming 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 was later renamed the Magellan Fund in 1965.

1965: Renaming to Magellan Fund

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

1969: Formation of Fidelity International

In 1969, Fidelity formed Fidelity International (FIL) to serve markets outside the U.S.

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

Ned Johnson's management of the Magellan Fund concluded on December 31, 1971.

1973: Stock Market Crash

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

1974: Stock Market Crash

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

May 31, 1977: Lynch Managed Magellan

From May 31, 1977, Lynch Managed Magellan Fund.

1980: Spin-off of Fidelity International

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 Investments began offering 401(k) products.

1984: Introduction of Computerized Stock Trading

In 1984, Fidelity Investments started offering computerized stock trading services.

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

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

1990: William Danoff Manages Contrafund

Since 1990, William Danoff has been managing the Fidelity Contrafund, which holds $145 billion in assets.

1991: Launch of First Commercial Donor-Advised Fund

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

1993: High-end Wines Received

In 1993, high-end wines such as 1993 Château Pétrus was a gift received by Fidelity employees from Jefferies Group

1995: First Mutual Fund Company to Offer a Webpage

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

1997: Robert Pozen Named CEO

In 1997, Robert Pozen was appointed as the CEO of Fidelity Investments.

January 2001: Document Alteration Investigation Begins

In January 2001, The U.S. Securities and Exchange Commission discovered Fidelity Brokerage employees altered and destroyed documents in branch offices.

2001: Establishment of Geode Capital Management

In 2001, Geode Capital Management was established to manage and develop investment strategies for FMR.

July 2002: Document Alteration Investigation Ends

In July 2002, The U.S. Securities and Exchange Commission investigation ended and discovered Fidelity Brokerage employees altered and destroyed documents in branch offices.

September 2003: Launch of First Exchange-Traded Fund (ETF)

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 from FMR as an independent company.

June 2004: Acquisition of Wealth Lab

In June 2004, Fidelity acquired Wealth Lab.

2004: Fidelity Brokerage Paid Settlement

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

2004: Gifts Received

In 2004, gifts were received by Fidelity employees from Jefferies Group

2005: Harry W. Lange Managed Magellan

From 2005, Harry W. Lange managed Magellan Fund.

December 2006: Fine for Employees Accepting Gifts

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

February 2007: Additional Fine

In February 2007, Fidelity was fined an additional $3.75 million.

February 2007: NASD Fines 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.

May 2007: NASD Fines Fidelity Broker-Dealers

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, which were sold primarily to U.S. military personnel.

2007: Change to Limited Liability Company

In 2007, Fidelity Investments 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 related to employees accepting gifts.

2010: Shutdown of Fidelity Ventures

In 2010, Fidelity Ventures, the venture capital arm of Fidelity Investments, was shut down, leading many employees to create Volition Capital.

2011: Name Change of International Division

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

2012: Move to New Boston Headquarters

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

2012: End of Lange's Management of Magellan

In 2012, Harry W. Lange's management of Magellan concluded.

2012: Employee Theft

Starting in 2012, a Fidelity employee stole $750,000 from the accounts of 37 international clients over an eight year period.

2014: Abigail Johnson Appointed CEO

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

2015: Eight Roads Ventures Formerly known as Fidelity Growth Partners

In 2015, Eight Roads Ventures was previously known as Fidelity Growth Partners.

2016: Reuters Investigation

In 2016, a Reuters investigation identified potential conflicts of interest involving F-Prime Capital Partners and Fidelity Investments.

August 2018: Introduction of No-Fee Mutual Funds

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

October 2018: Launch of Fidelity Digital Asset Services

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 launched a $375 million European fund.

May 2019: Launch of Cryptocurrency Trading for Institutions

In May 2019, Fidelity Investments began offering cryptocurrency trading services to institutional customers.

September 2019: Spin-off of Eight Roads Ventures

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

2020: Employee Theft

Ending in 2020, a Fidelity employee stole $750,000 from the accounts of 37 international clients over an eight year period.

2020: Decommissioning of Wealth Lab

In 2020, Wealth Lab, previously acquired by Fidelity, was decommissioned.

August 2021: Hiring Announcement

In August 2021, Fidelity Investments 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 Investments 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 Investments acquired Shoobx, a provider of automated equity management operations and financing software.

January 2024: Launch of Spot Bitcoin ETF

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

July 2024: Launch of Spot Ethereum ETF

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

December 2024: Asset Management

As of December 2024, Fidelity Investments managed $5.9 trillion in discretionary assets and $15.1 trillion in assets under administration.

January 2025: FINRA Fine 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 client accounts between 2012 and 2020.