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.
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