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Fidelity Management & Research

SEC-registered adviser since 1971Boston, MACRD 108281

$5685.0B
AUM
36,650
Clients
See fees
Fee
744
Advisory staff

From Form ADV filed 30 July 2026 · data retrieved 15 October 2026SEC record

Fidelity Management & Research is an investment adviser headquartered in Boston, Massachusetts, and registered with the SEC since 1971. Its clients include investment companies, pooled investment vehicles and state or municipal government entities. High-net-worth individuals account for 0% of its regulatory assets under management.

Its services include portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, and selecting other managers. Fee arrangements include a percentage of assets under management, fixed fees, performance-based fees and other arrangements. FMR LLC owns 75% or more of Fidelity Management & Research.

Clients

Fidelity Management & Research serves 36,650 clients, 29,432 of them high-net-worth individuals. The average client has about $155 million with the firm, and high-net-worth clients hold 0% of its $5685 billion in assets.

Regulatory assets by client type
  • Investment companies595 clients95%
  • Pooled investment vehicles21 clients3%
  • OtherIndividuals, High-net-worth individuals, State or municipal government entities, Other1%
Show client breakdown
Individuals (other than HNW)
Clients
6,596
Regulatory AUM
$3,943,993,722
Share
0.1%
Avg. per client
$598K
High-net-worth individuals
Clients
29,432
Regulatory AUM
$24,273,363,019
Share
0.4%
Avg. per client
$825K
Investment companies
Clients
595
Regulatory AUM
$5,416,050,621,617
Share
95.3%
Avg. per client
$9.10B
Pooled investment vehicles
Clients
21
Regulatory AUM
$184,722,350,086
Share
3.2%
Avg. per client
$8.80B
State or municipal government entities
Clients
6
Regulatory AUM
$55,904,429,852
Share
1.0%
Avg. per client
$9.32B
Other
Clients
Not reported
Regulatory AUM
$147,172,233
Share
0.0%
Avg. per client
—

Total

Clients
36,650
Regulatory AUM
$5,685,041,930,529
Share
100%
Avg. per client
$155.1M

What it does

Fidelity Management & Research provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, selecting other managers and other activities. It is paid through a percentage of assets, fixed fees, performance-based fees and other arrangements.

Fidelity Management & Research advises 1 private funds.

100.0% of assets ($5685.04B across 37,227 accounts) are managed with discretion. $28.22B sits in a wrap fee program the firm both sponsors and manages. 0% of clients are outside the U.S., and 1 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Stocks5%
  • Funds67%
  • Bonds28%
    • State and local bonds15%
    • U.S. government and agency bonds7%
    • Investment grade corporate bonds6%

Custodians

Fidelity Management & Research’s client accounts are held mainly at Fidelity, with 1% of managed assets. Fidelity Management & Research has custody of client assets.

Managed account assets by custodian
  • FidelityNational Financial Services LLC · Boston, MA · $63.94B1%
  • All other custodians$5621.10B99%

Ownership and leadership

FMR LLC owns 75% or more of Fidelity Management & Research.

Who owns the firm
Fidelity Management & Research Company LLC· the adviser

  • FMR LLC

    Control person · since December 1977

    Owns 75% or more of Fidelity Management & Research Company LLC

Leadership

  • Bart Grenier
    President, Head of Asset Management
  • Nicole Macarchuk
    Senior Vice President, Secretary, Chief Legal Officer
  • Stephanie Brown
    Chief Compliance Officer
  • David Carter
    Compliance Officer
  • Peter Enyeart
    Co-Head of Equity
  • Robin Foley
    Head of Fixed Income
  • Christopher Gouveia
    Compliance Officer
  • Abigail Johnson
    Chairman of the Board, Director
  • Harley Lank
    Head of High Income
  • Peter Lynch
    Vice Chairman, Director
  • Melissa Reilly
    Co-Head of Equity
  • Christopher Rimmer
    Head of Asset Management Finance, Treasurer

Staff

  • 1,427 employees
  • 744 in advisory functions
  • 106 broker-dealer reps
  • 3 insurance agents

Fees

Fidelity Management & Research is paid through a percentage of assets under management, fixed fees (other than subscription fees), performance-based fees and other.

Fidelity Management & Research’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Fidelity Management & Research has 6 offices, with 7 listed addresses across 6 states.

Listed office addresses by state

Massachusetts · 2 listed addresses

  • 245 Summer Street, BostonHQ
  • 155 Seaport BLVD, Boston

Registration details

Legal name
Fidelity Management & Research Company LLC
Headquarters
245 Summer Street, Boston, MA 02210
Phone
617-563-7000
Website
www.fidelity.com
SEC file
801-7884
Structure
Delaware LLC
Fiscal year end
December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Fidelity Management & Research have?

Fidelity Management & Research has 36,650 clients and manages $5685 billion for them, as of July 2026. They include 29,432 high-net-worth individuals, 6,596 other individuals and 595 investment companies.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 July 2026

What services does Fidelity Management & Research offer?

Fidelity Management & Research provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, selecting other managers and other activities.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Fidelity Management & Research use?

Fidelity Management & Research’s separately managed account assets are held at National Financial Services LLC (Boston, MA), with $63,938,491,452. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 July 2026

How many financial advisors does Fidelity Management & Research have?

Fidelity Management & Research has 0 investment adviser representatives registered with state securities authorities, out of 1,427 employees, and 744 perform investment advisory functions. 106 are registered representatives of a broker-dealer and 3 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Fidelity Management & Research invest in?

At the end of its last fiscal year, Fidelity Management & Research’s separately managed accounts held 67% registered funds (mutual funds, ETFs, BDCs), 15% state and local bonds, 7% U.S. government and agency bonds, 6% investment grade corporate bonds and 5% exchange-traded equities. It advises 1 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Fidelity Management & Research?

Fidelity Management & Research’s direct owner is FMR LLC (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 30 July 2026

How does Fidelity Management & Research get paid?

Fidelity Management & Research is paid through a percentage of assets under management, fixed fees, performance-based fees and other arrangements. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 30 July 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 108281.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Fidelity Management & Research Company LLC and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.