In 1943, Edward C. Johnson 2nd took over the Fidelity Fund, founded in 1930. In 1946, he founded Fidelity Management & Research Company (FMR Co.) to act as investment advisor to the Fund. Mister Johnson (as he was known in the industry) led the company for nearly 30 years. He had a unique approach to investing that incorporated a passion for technical research and a belief that through active investment management, he could outperform the markets.
Mister Johnson's focus on long-term investment strategies, his belief in integrity, and his conviction that employees should take intelligent risks all helped to establish Fidelity's reputation as a forward-thinking and innovative company.
In 1972, Edward C. Johnson 3rd, who had joined the company as an analyst in 1957, took over the helm of Fidelity. Under his leadership, Fidelity diversified its business with new, industry-leading products and services, and adopted technology to provide world-class customer service.
From the 1970s through to the 1990s, Fidelity continued to grow rapidly, as did its reputation as a company investors could trust. Mr. Johnson believed that Fidelity should continue to be privately owned so the company, unlike many of its competitors, could have some protection from short-term market and business pressures. This flexibility allowed Fidelity to invest over time in the infrastructure and technology that, in part, allowed for the growth of the company's retirement and outsourcing business.
In the new century, Fidelity reached a milestone $1 trillion in assets under management. But that's just the beginning. We'll continue to grow by hiring the best people, staying loyal to our past and values, and finding new and better ways to deliver the services our customers value.
From our start in 1947 when we introduced the Puritan Fund, to the first use of a free 1-800 number to sell direct to customers in 1974, the first financial services firm with a web page in 1995, to our advanced online tools today, we use the latest innovation in information processing, analysis and communication to deliver the best service to our customers.