Fidelity International

Last updated
FIL Limited
Company typePrivate
Industry Financial services
Founded1969
Founders Edward Johnson, III
Headquarters
Pembroke
,
Bermuda
Key people
 Abigail Johnson (Chairman)
Anne Richards (Vice Chairman)
Keith Metters (President)
Products Investment management, mutual funds, ISAs, Pensions, Fund platforms
AUM US$663.1 billion (31 December 2022) [1]
Number of employees
8,400+ (2020) [2]
Subsidiaries Eight Roads Ventures
Website fidelity.co.uk OOjs UI icon edit-ltr-progressive.svg

Fidelity International Ltd, or FIL for short, is a company that provides investment management services including mutual funds, pension management and fund platforms to private and institutional investors. Fidelity International was originally established in 1969 as the international investment subsidiary of Fidelity Investments in Boston before being spun out as an independent business in 1980. Since then, it has continued to operate as a private employee-owned company.

Contents

History

It was established in 1969 [3] as an international investment subsidiary of Fidelity Management & Research, before becoming an independent business in 1980. Today, Fidelity International handles investments for clients in Europe, Canada, EMEA and Asia, while the US-based Fidelity Management and Research handles investments for clients in the USA.

In the same year that it was established, an office was opened in Tokyo, [4] followed by London in 1973, [5] Hong Kong in 1981 [6] and Taipei in 1986. In 1990 the first Continental European office was opened in Amsterdam, [7] when a number of Luxembourg funds for Continental Europe and Asia were launched. Expansion has continued, with Fidelity opening an office in India in 2001 and in China in 2004.

In 2012, then Chief Investment Officer Dominic Rossi expressed support for a UK government plan to allow shareholders to veto bonus deals for boardroom members in companies, using what The Guardian called "unusually confrontational language for a major investor more accustomed to operating behind the scenes". [8] Rossi has since campaigned to get UK long-term incentive plans extended from three years to five. [9]

As of 2013, Fidelity employs over 7,000 people in 24 countries around the world; [3] Australia, Austria, Belgium, Bermuda, Brazil, China (including Hong Kong), Dubai, France, Germany, India, Ireland, Italy, Japan, Korea, Luxembourg, Netherlands, Poland, Singapore, Spain, Sweden, Switzerland, Taiwan, Tunisia and the UK. As of June 30, 2018, London is the company's largest research and investment hub, and the UK is their biggest market. [10]

The company is privately owned; the majority of the company is owned by its employees, though the Johnson family still owns a substantial minority of 39.89% according to regulatory filings. [11]

Services

Fidelity offers its own funds and, through its platforms in a number of countries, other managers’ funds. It currently manages or administers over US$663bn on behalf of private individuals and institutions around the world, offering investors the opportunity to further their medium and long-term investment goals. [12]

Controversial investments

Fidelity International has been a major investor in Hikvision and SenseTime, the former a Chinese surveillance technology manufacturer that was sanctioned in 2019 by the U.S. government for enabling human rights abuses in Xinjiang. [13] [14]

Related Research Articles

A real estate investment trust is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping centers, hotels and commercial forests. Some REITs engage in financing real estate.

<span class="mw-page-title-main">Fidelity Investments</span> American multinational financial services corporation

Fidelity Investments, formerly known as Fidelity Management & Research (FMR), is an American multinational financial services corporation based in Boston, Massachusetts. Established in 1946, the company is one of the largest asset managers in the world, with $4.9 trillion in assets under management, and, as of December 2023, $12.6 trillion in assets under administration. Fidelity Investments operates a brokerage firm, manages a large family of mutual funds, provides fund distribution and investment advice, retirement services, index funds, wealth management, securities execution and clearance, asset custody, and life insurance.

<span class="mw-page-title-main">EQT Partners</span> Swedish investment firm

EQT is a Swedish global investment organization founded in 1994. Its funds invest in private equity, infrastructure, real estate, growth equity, and venture capital in Europe, North America, and Asia Pacific.

<span class="mw-page-title-main">Capital Group Companies</span> American financial services company

Capital Group is an American financial services company. It ranks among the world's oldest and largest investment management organizations, with over $2.6 trillion in assets under management. Founded in Los Angeles, California in 1931, it is privately held and has offices around the globe in the Americas, Asia, Australia and Europe.

<span class="mw-page-title-main">Wellington Management Company</span> American investment management firm

Wellington Management Company is a private, independent investment management firm with client assets under management totaling over US$1 trillion based in Boston, Massachusetts, United States.

<span class="mw-page-title-main">LGT Group</span> Private banking and asset management group based in Liechtenstein

LGT Group is the largest royal family-owned private banking and asset management group in the world. LGT, originally known as The Liechtenstein Global Trust, is owned by the princely House of Liechtenstein through the Prince of Liechtenstein Foundation and led by its royal family members H.S.H. Prince Maximilian von und zu Liechtenstein (CEO) and H.S.H. Prince Philipp von und zu Liechtenstein (chairman).

<span class="mw-page-title-main">Financial centre</span> Locations which are centres of financial activity

A financial centre or financial hub is a location with a significant concentration of participants in banking, asset management, insurance, and financial markets, with venues and supporting services for these activities to take place. Participants can include financial intermediaries, institutional investors, and issuers. Trading activity can take place on venues such as exchanges and involve clearing houses, although many transactions take place over-the-counter (OTC), directly between participants. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity, hedge funds, and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.

<span class="mw-page-title-main">State Administration of Foreign Exchange</span> Chinese State-owned Agency

The State Administration of Foreign Exchange (SAFE) of the People's Republic of China is an administrative agency under the State Council tasked with drafting rules and regulations governing foreign exchange market activities, and managing the state foreign-exchange reserves, which at the end of December 2016 stood at $3.01 trillion for the People's Bank of China. The current director is Zhu Hexin.

Anthony Bolton is a former investment fund manager and successful investor in the United Kingdom. He managed the Fidelity Special Situations fund from December 1979 to December 2007, and then managed Fidelity China Special Situations PLC, a London Stock Exchange listed investment trust, until his retirement in April 2014. He is also a musician and a composer.

<span class="mw-page-title-main">Sovereign wealth fund</span> State-owned investment fund

A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign-exchange reserves held by the central bank.

<span class="mw-page-title-main">Robeco</span> Dutch asset management firm

Robeco is an originally Dutch asset management firm, since 2013 part of Orix, founded in 1929 as the Rotterdamsch Beleggings Consortium. As of 2014, the company had €246 billion of assets under management. It was acquired in 2001 by the Rabobank Groep and sold in 2013 to ORIX Corporation.

Fosun International Limited is a Chinese multinational conglomerate holding company. Founded in 1992 by Guo Guangchang and four others, the company is headquartered in Shanghai and was incorporated in Hong Kong in 2004. Its Co-CEOs are Chen Qiyu and Xu Xiaoliang. Wang Qunbin joined Guo Guangchang as co-chairman in early 2020. The company is located in 16 countries and is one of the largest privately owned conglomerates in China. It was ranked 371st on the Forbes Global 2000 ranking in 2020.

The Edmond de Rothschild Group is a financial institution specialized in private banking and asset management. Based in Geneva, the group is family-owned and independent, and encompasses the Edmond de Rothschild Foundations, the lifestyle brand Edmond de Rothschild Heritage, and sponsors the Gitana Team.

Since the late-2000s, the People's Republic of China (PRC) has sought to internationalize its official currency, the Renminbi (RMB). RMB internationalization accelerated in 2009 when China established the dim sum bond market and expanded Cross-Border Trade RMB Settlement Pilot Project, which helps establish pools of offshore RMB liquidity. The RMB was the 8th-most-traded currency in the world in 2013 and the 7th-most-traded in early 2014. By the end of 2014, RMB ranked 5th as the most traded currency, according to SWIFT's report, at 2.2% of SWIFT payment behind JPY (2.7%), GBP (7.9%), EUR (28.3%) and USD (44.6%). In February 2015, RMB became the second most used currency for trade and services, and reached the ninth position in forex trading. The RMB Qualified Foreign Institutional Investor (RQFII) quotas were also extended to five other countries — the UK, Singapore, France, Korea, Germany, and Canada, each with the quotas of ¥80 billion except Canada and Singapore (¥50bn). Previously, only Hong Kong was allowed, with a ¥270 billion quota.

<span class="mw-page-title-main">Value Partners (asset management)</span> Hong Kong-based asset management company

Value Partners Group Limited is a Hong Kong-based asset management company.

<span class="mw-page-title-main">Harvest Fund Management</span> Chinese Asset Management Company

Harvest Fund Management is a Chinese asset management company that invests in financial services.

Hillhouse Investment is a global private equity firm with an East Asian heritage. Hillhouse was founded by Lei Zhang in 2005 with initial seed capital from the Yale University endowment and invests across East Asia, Southeast Asia, North America, and Europe. Hillhouse has Asian offices in Singapore, Hong Kong, Beijing and Shanghai with additional international offices in New York City and London.

China Renaissance is a Chinese financial institution. Founded by Fan Bao in 2005 as a financial advisory firm, China Renaissance’s core business now consists of investment banking, investment management and wealth management. As of June 30, 2020, China Renaissance had advised on approximately 980 transactions worth over USD$146 billion since its inception, and the company’s private equity funds had AUM of approximately RMB39.0 billion in new economy investments.

An open-ended fund company is an open-ended collective investment scheme structured in the form of a company with limited liability and variable share capital. An OFC provides flexibility for investors to trade their interests in the fund through the creation, redemption and cancellation of shares. OFCs could be set up as public or private funds in Hong Kong.

Moonfare is a digital investment platform that secures allocations in private equity and venture capital funds that generally have very high minimum investments or are offered only to institutional investors. Moonfare, splits these investments into smaller tranches using feeder fund vehicles, and makes them available to investors at lower minimums. Moonfare has offered funds with minimums of £50,000 in the UK, €50,000 in Europe, and $75,000 in the US

References

  1. ↑ "About us". www.fidelityinternational.com.
  2. ↑ "Selecting FundsNetwork™ as your long-term platform partner" (PDF). FundsNetwork. Archived from the original (PDF) on 2021-01-13. Retrieved 2021-01-12.
  3. 1 2 Johnson, Steve (15 September 2013). "Fidelity Worldwide scouts beyond the boomers for business". Financial Times . UK. Archived from the original on 27 September 2013. Retrieved 18 December 2013.
  4. ↑ "Company Overview of Fidelity Investments Japan Limited". Bloomberg Businessweek. Archived from the original on December 18, 2013. Retrieved 2013-12-18.
  5. ↑ "Fidelity succeeds through evolution". Investment Week. UK. 25 February 2002. Archived from the original on 19 December 2013. Retrieved 18 December 2013.
  6. ↑ "FIL Investment Management (Hong Kong) Limited". BCTHK. Archived from the original on 2013-12-19. Retrieved 2013-12-18.
  7. ↑ "FIL (Luxembourg) S.A." Credit Suisse. Archived from the original on December 18, 2013. Retrieved 2013-12-18.
  8. ↑ "Fund manager Fidelity attacks executive pay and bonus bonanza". The Guardian. 18 January 2012. Archived from the original on 8 January 2020. Retrieved 11 December 2016.
  9. ↑ "Boardroom pay failing to reflect performance, fund manager claims". The Guardian. 3 July 2014. Archived from the original on 5 March 2016. Retrieved 11 December 2016.
  10. ↑ [ dead link ]
  11. ↑ Hidden Johnson Billionaires Found in Fidelity Fund Empire Archived 2016-09-23 at the Wayback Machine , Brendan Coffey, Bloomberg News, September 20, 2012.
  12. ↑ "Atlantic Fund Services to Service Fidelity Worldwide Investment Funds in Luxembourg". Business Wire. 2011-12-14. Archived from the original on 2013-12-19. Retrieved 2013-12-18.
  13. ↑ "Investor defends backing blacklisted Chinese firm". BBC News . 2019-12-23. Archived from the original on 2019-12-24. Retrieved 2019-12-24.
  14. ↑ Mozur, Paul (2019-04-14). "One Month, 500,000 Face Scans: How China Is Using A.I. to Profile a Minority". The New York Times . ISSN   0362-4331. Archived from the original on 2019-06-08. Retrieved 2020-05-22.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.