The Fidelity Fund was created in 1930, a difficult financial time in the United States after the stock market crash of 1929, and heading into the Great Depression.
The fund was bought in 1943 by Edward C. Johnson II with $3 million in investments. He became the president and director. In 1946 Johnson formed Fidelity Management and Research, the predecessor to Fidelity Investments, to be the investment adviser to the Fidelity Fund.
The company began buying stocks with growth potential under the leadership of a young inexperienced immigrant, Gerry Tsai. Tsai invested in such speculative funds as Xerox and Polaroid.
Ned Johnson succeeded his father as president of Fidelity in 1972.
Fidelity relied on research, innovation, and the intuition of its fund managers to grow, and it was extremely successful.
Today Fidelity Investments is a multinational financial services corporation. It is one of the largest mutual fund and financial services companies in the world. Fidelity has 41,000 employees and had $12.26 billion in revenue in 2011.
The Fidelity Fund was created in 1930, a difficult financial time in the United States after the stock market crash of 1929, and heading into the Great Depression.
The fund was bought in 1943 by Edward C. Johnson II with $3 million in investments. He became the president and director. In 1946 Johnson formed Fidelity Management and Research, the predecessor to Fidelity Investments, to be the investment adviser to the Fidelity Fund.
The company began buying stocks with growth potential under the leadership of a young inexperienced immigrant, Gerry Tsai. Tsai invested in such speculative funds as Xerox and Polaroid.
History
Ned Johnson succeeded his father as president of Fidelity in 1972.
Fidelity relied on research, innovation, and the intuition of its fund managers to grow, and it was extremely successful.
Today Fidelity Investments is a multinational financial services corporation. It is one of the largest mutual fund and financial services companies in the world. Fidelity has 41,000 employees and had $12.26 billion in revenue in 2011.
