{
  "crd_number": 108281,
  "slug": "fidelity-management-and-research-company-llc-boston-ma-108281",
  "primary_business_name": "FIDELITY MANAGEMENT & RESEARCH COMPANY LLC",
  "legal_name": "FIDELITY MANAGEMENT & RESEARCH COMPANY LLC",
  "dbas": [],
  "city": "Boston",
  "state": "MA",
  "country": "United States",
  "cbsa_code": "14460",
  "metro": {
    "cbsa_code": "14460",
    "common_name": "Boston",
    "msa_name": "Boston-Cambridge-Newton, MA-NH",
    "path": "/advisors/ma/boston"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1971-11-29",
  "years_registered": 54,
  "period": "2026-10-01",
  "filing_date": "2026-07-30",
  "carried_forward": false,
  "raum_total": 5685041930529.0,
  "raum_discretionary": 5685041930529.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 1427,
  "advisory_employees": 744,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 147172233.0,
      "count": null,
      "description": "PILOT FUNDS",
      "fewer_than_5": true
    },
    "charitable": {
      "raum": 0.0,
      "count": 0
    },
    "individuals": {
      "raum": 3943993722.0,
      "count": 6596
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 55904429852.0,
      "count": 6
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": 5416050621617.0,
      "count": 595
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 24273363019.0,
      "count": 29432
    },
    "pooled_investment_vehicles": {
      "raum": 184722350086.0,
      "count": 21
    },
    "corporations_other_businesses": {
      "raum": 0.0,
      "count": 0
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "fixed",
    "other",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "other",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 2,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "LA",
    "MA",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MS",
    "MT",
    "NC",
    "ND",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "RI",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "VT",
    "WA",
    "WI",
    "WV",
    "WY"
  ],
  "websites": [
    "https://clearingcustody.fidelity.com",
    "https://fidelity.com",
    "https://institutional.fidelity.com",
    "https://linkedin.com/showcase/fidelity-for-institutional-investors",
    "https://linkedin.com/showcase/fidelity-for-wealth-managers",
    "https://x.com/FIDELITYNEWS",
    "https://x.com/FidelityPolicy",
    "https://x.com/fidelityforIIs",
    "https://x.com/fidelityforWMs",
    "https://youtube.com/@FidelityInstitutional"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/108281",
  "disclosure_items": [
    {
      "item": "11.D(2)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?"
    },
    {
      "item": "11.D(4)",
      "question": "In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    }
  ],
  "city_as_filed": "BOSTON",
  "url": "https://advisorcensus.com/firm/fidelity-management-and-research-company-llc-boston-ma-108281",
  "display_name": "Fidelity Management & Research Company LLC",
  "summary": "Fidelity Management & Research Company LLC is an SEC-registered investment advisory firm in Boston, MA, registered since 1971, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 30, 2026.",
  "citation": "AdvisorCensus. Fidelity Management & Research Company LLC (CRD 108281): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Performance-based fees",
    "Other"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Selection of other advisers (including private fund managers)",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Fidelity Management & Research Company LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Fidelity Management & Research Company LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Fidelity Management & Research Company LLC located?",
      "a": "Fidelity Management & Research Company LLC's principal office is in Boston, MA, according to its Form ADV; the August 2026 filing also lists 6 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Fidelity Management & Research Company LLC registered with the SEC or a state?",
      "a": "Fidelity Management & Research Company LLC is an SEC-registered investment advisory firm, registered since 1971. Status as filed: Approved. CRD 108281."
    },
    {
      "q": "How much does Fidelity Management & Research Company LLC manage?",
      "a": "Fidelity Management & Research Company LLC reports $5,685,041,930,529 in regulatory assets under management in its Form ADV filing dated July 30, 2026 (100% discretionary)."
    },
    {
      "q": "How have Fidelity Management & Research Company LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Fidelity Management & Research Company LLC: Regulatory assets under management: $3,088,956,159,445 in the October 2021 data and $5,685,041,930,529 in the October 2026 data, up 84%. Total employees: 1,385 in October 2021 and 1,427 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Fidelity Management & Research Company LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (29,432); individuals (other than high net worth individuals) (6,596); investment companies (595)."
    },
    {
      "q": "Which custodians does Fidelity Management & Research Company LLC use?",
      "a": "Fidelity Management & Research Company LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists National Financial Services LLC (affiliated with the firm) as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Fidelity Management & Research Company LLC report any disciplinary disclosures?",
      "a": "Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation) and 11.D(4) (another regulator's order in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/108281"
    },
    {
      "q": "What changed in Fidelity Management & Research Company LLC's recent Form ADV filings?",
      "a": "In the August 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 3088956159445.0,
      "total_employees": 1385,
      "filing_date": "2021-07-22"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 3688587311060.0,
      "total_employees": 1042,
      "filing_date": "2022-09-23"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 3148421739247.0,
      "total_employees": 1108,
      "filing_date": "2023-08-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 3964385404654.0,
      "total_employees": 1264,
      "filing_date": "2024-09-20"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 4730738518487.0,
      "total_employees": 1355,
      "filing_date": "2025-06-21"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 5685041930529.0,
      "total_employees": 1427,
      "filing_date": "2026-07-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-08-01",
      "period_label": "August 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 727 to 744.",
        "Regulatory assets under management went from $4,730,738,518,487 to $5,685,041,930,529 (+20%).",
        "No longer lists an office in Durham, NC.",
        "No longer lists an office in Greenwood Village, CO.",
        "No longer lists an office in Westlake, TX."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "National Financial Services LLC",
      "name_as_filed": "NATIONAL FINANCIAL SERVICES LLC",
      "affiliated": true
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/fidelity-management-and-research-company-llc-boston-ma-108281.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 6596,
      "fewer_than_5": false,
      "raum": 3943993722.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 29432,
      "fewer_than_5": false,
      "raum": 24273363019.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 595,
      "fewer_than_5": false,
      "raum": 5416050621617.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 21,
      "fewer_than_5": false,
      "raum": 184722350086.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 6,
      "fewer_than_5": false,
      "raum": 55904429852.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": null,
      "fewer_than_5": true,
      "raum": 147172233.0
    }
  ],
  "disclosure_line": "Reports 2 disclosure items on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/108281",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}