Articles tagged "Fidelity"
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Walt Bettinger comes out swinging during analysts' call, and shares pop, on assurances Schwab can ride out gale force interest rate pressure on its balance sheet
The Schwab CEO deflected blame, promised to stay 'conservative,' and left Wall Street analysts wondering why Schwab won't dump bonds and offer better rates for client sweep cash
April 18, 2023 at 3:01 AM
Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
February 17, 2023 at 2:49 AM
Fidelity Investments debuts Bitcoin trades, tempts fate at dark crypto hour, yet the Abby-approved move's upside boggles the mind
The $9.9-trillion Boston company is ignoring the plea of three senators and the Samuel Bankman Fried mania in exposing its customers, 401(k) and retail, to the most controversial of 'assets.'
December 5, 2022 at 7:28 PM
David Canter is the latest to leave Fidelity Investments amid the ongoing changing of the guard across the company, a 'huge loss,' says RIA CEO
Beloved by mega RIAs for high intelligence and low ego, the RIA custody chief and ex-Schwabie is moving on amid a wider company script of turnover, new job descriptions, ' and wild amounts of hiring
July 13, 2022 at 1:15 AM
With crypto landmines to fear greater than each other, Schwab and Fidelity co-invest in a cryptocurrency mega-startup with Citadel, Virtu and VCs Sequoia and Paradigm
The discount brokerage super-rivals are investing in a market maker venture with fellow [crypto retail] come-latelies, Virtu and Citadel -- a sign that the crypto winter hasn't chilled big investment in digital assets, even if liquidity occasionally freezes up.
June 30, 2022 at 1:49 AM
Fidelity Investments strikes right back at Schwab with retail direct indexing that offers two apparent advantages -- it shaves $95,000 off the minimum and already is accepting assets
The Boston giant launches FidFolios today (Apr. 1) in a covering move that goes one better than Schwab with a radically lower barrier, though Schwab questions its utility in the real world.
April 2, 2022 at 12:52 AM
BlackRock's no longer secretive strategy to gain ground on Vanguard and Fidelity in $10.3 trillion DC market will now be tested on 120,000 employees at five US companies where it might work -- or not
BlackRock has about $1 trillion of defined contribution assets while Fidelity and Vanguard both administer multiple trillions, so the New York giant is dangling defined benefits as a way to win the defined contributions game.
October 29, 2021 at 11:54 PM
Charles Schwab & Co. dials in what it may consider SEC's all-clear signal on bitcoin, while Vanguard's take includes nothing to turn a red light green
The Westlake, Tex., brokerage is taking a hyper-pragmatic, outward-looking approach and the Malvern, Pa. giant is relying on its inner compass, vision of reality.
June 4, 2021 at 1:45 AM
Vanguard Group to open CFP-poaching battle front in Schwab-Fido-Pershing backyard, after its human RIA grows AUM 72% to $231 billion
The Malvern, Pa, manager of $7.5 trillion moves aggressively on Dallas metro area where its big rivals employ tens of thousands, showing Vanguard CEO Tim Buckley's faith in the RIA business model
May 21, 2021 at 2:30 AM
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
January 23, 2021 at 2:02 AM
Fidelity's Mike Durbin unleashes FMAX as 'Schwabitrade' takes life, but if they build it, will leery advisors buy into it?
The Fidelity Institutional head is betting RIAs will go for the 'killer app,' a one-vendor, one-fee bundle that will free time and mindspace by having the eMoney plan implement itself as a collection of products.
December 3, 2020 at 4:59 AM
Vanguard's shuttering of municipal money market funds sends clarion call to RIAs to get ahead of COVID-19 squeeze, even if Schwab and Fidelity see fit to ride out the storm
The Malvern, Pa., giant cites market-specific liquidity issues and an interest rate squeeze; Federated Hermes and BNY Mellon have made similar 'canary in the coal mine' moves.
October 14, 2020 at 2:58 AM
Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
March 13, 2020 at 10:36 PM
T. Rowe Price takes on the risk of its target date fund retirees outliving their savings -- by jacking up equity exposure even on the glide path
The Baltimore patriarch is using both actuarial and behavioral science as the basis for the contrarian move whose downside is accentuated as coronavirus gives the approach a rough start
March 2, 2020 at 6:13 PM
Fidelity Investments rewrites the 401(k) rollover script by allowing plan participants -- with a small catch -- to skip the IRA and have the plan sponsor hold the account post-employment
The $1.8 trillion AUA recordkeeping king eschews its own defined contribution scripture to reflect reality of inertia, better technology and the fact that IRAs are no longer yield so much milk and honey in a zero-fee, zero-commission world
