Fidelity, once stodgy and adrift, bets on the Reddit crowd [FOX Business Network]
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Source: FOX Business Network
Fidelity Investments Chief Executive Abigail Johnson, granddaughter of the financial behemoth's founder, checks the pulse of the investing world from an unlikely place these days: Reddit's stock-picking forums. Not long ago, Fidelity appeared to some adrift and old-fashioned. Profits were down. Its mutual funds' star stock pickers were losing clients. A firm that once stood as the world's biggest money manager had slipped behind BlackRock Inc. and Vanguard Group. Some inside the family-controlled firm worried Ms. Johnson wasn't bold enough to lead it. Fidelity Chairman and CEO Abigail Johnson interviews founder of Bloomberg L.P. and former New York City Mayor Michael Bloomberg about innovation at the Boston-based HubWeek in Boston. (Reuters/Brian Snyder) Today, Johnson's 75-year-old company has placed more bets than nearly any other big Wall Street firm on the future of cryptocurrencies and doubled down on other areas powered by individual investors—and the plan appears to be w
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