● House of Fidelity: The Rise of the Johnson Dynasty and the Company That Changed American Investing
Justin Baer
Review via Financial Times
Few companies touch the lives of as many people as Fidelity. The Boston-based financial group directly manages $7tn and administers a total of $18tn, serving an estimated 57mn people, or one in five American adults through retirement plans, investment funds and brokerage accounts.
But the private group is owned and run by a publicity-shy New England dynasty that largely shuns the limelight. That has left customers and rivals to guess exactly what chief executive Abigail Johnson and her team have been up to as Fidelity embarked on a massive growth spurt and pushed well past its money management rivals in terms of employees, revenue and, crucially, profits.
In House of Fidelity, veteran journalist Justin Baer seeks to lift the lid on this enormous company, which employs more than 80,000 people and reported $12.7bn in operating income last year, dwarfing BlackRock, the world’s largest public asset manager.