While
Most notably, Fidelity recently overtook
After decades of promoting from inside, it hired analysts, portfolio managers and chief investment officers to oversee those portfolio managers, from the outside. It beefed up its technology and customer service departments, and is now pursuing a greater share of the pension and endowment business with a division devoted exclusively to them.
And today, more than half of the company's revenues come from trade processing, administration and fund custody. With the nation's 77 million Baby Boomers set to retire and to switch from the accumulation phase to the distribution phase, Fidelity expects the trust services part of its business to grow faster than money management, Reynolds said.