Behind the Money The quiet success of Fidelity Investments
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Dec 17, 2025 Emma Dunkley, an asset management reporter at the Financial Times, dives into the fascinating world of Fidelity Investments. Despite its low profile, Fidelity's revenues surpass BlackRock's by over 50%. Dunkley discusses how its innovative approach to retail brokerage and strong 401(k) partnerships have set it apart. She highlights Abigail Johnson's leadership and the firm's ability to adapt to attract younger investors. The conversation also covers potential challenges with private capital in retirement plans and the evolving landscape of crypto investments.
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Fidelity's Scale Is Understated
- Fidelity reported $32.7bn of revenues, about 50% more than BlackRock last year.
- It also showed $6.4tn AUM in Q2, making it one of the world's largest asset managers.
401(k) Record-Keeping Built Lasting Reach
- Fidelity was an early adopter of 401(k) plans and became a major record-keeper for employers.
- That administrative role created durable relationships and lucrative cross-selling opportunities.
Early Distribution Innovations Mattered
- Fidelity pioneered direct retail mutual-fund sales via a toll-free phone line in 1974.
- That innovation and later discount brokerage laid the groundwork for its modern retail brokerage franchise.