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MUTUAL FUNDS AND STOCK BROKERAGE Fidelity Management & Research Company, the investment management division of Fidelity Investments, acts as the investment adviser to Fidelity's family of mutual funds. FMR Company has three fund divisions: Equity (Boston), High-Income (Boston) and Fixed-Income (Merrimack, N.H.). Actual day-to-day management of these funds is subcontracted by that company to one or more of its subsidiaries. The company's Subsidiaries serve as distributors and transfer agents to the entire Fidelity fund family Fidelity Investments serves more than 21 million investors through individual and institutional accounts, with more than 300 different funds. Revenues in 2005 were $11.1 billion, up 10 percent compared to 2004. Assets under management rose nine percent to $1.2 trillion at the end of 2005. Fidelity's two largest mutual funds are Contrafund and Magellan, both with more than $50 billion in assets. The Magellan Fund was for many years the largest in the United States . It was run by Ned Johnson (May 2, 1963 to Dec. 31, 1971 ) and Peter Lynch (May 31, 1977 to May 31, 1990 ). Its current manager is Harry Lange, who previously managed the Fidelity Capital Appreciation Fund. The current manager of Contrafund is Will Danoff. Fidelity Investments also operates a major online discount brokerage and has investor centers in about 100 cities throughout the US and Canada, as well in Europe and Asia. Fidelity is currently struggling to re-define its investment capabilities after successive years of lackluster investment results. OTHER BUSINESSES Fidelity Investments also owns many unrelated businesses, including a charter Motor Coach service and a temporary Employment Agency . It formerly owned a large chain of suburban- Boston newspapers, since sold to the publisher of the '' Boston Herald ''. OWNERSHIP AND OPERATIONS The founding Johnson family controls most of Fidelity. Edward "Ned" C. Johnson 3d 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. {Link without Title} The Fidelity mutual funds are organized as Massachusetts Business Trust s 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 2003 Fidelity had 29,424 employees. Fidelity's corporate headquarters are located in Boston, Massachusetts , with the largest U.S. operations located in Massachusetts , New Hampshire , Rhode Island , Westlake/Dallas Texas , Ohio , Kentucky , and Utah . Fidelity's UK Headquarters are located in Hildenborough , Kent . COMPETITORS Fidelity's largest competitors include T. Rowe Price , The Charles Schwab Corporation , Merrill Lynch and The Vanguard Group . SEE ALSO REFERENCES
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