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established in 1975 by John (Jack)
                                                     Vanguard is structured as a client‐
                                                          owned company with no outside
                                    •The Vanguard Group was
                                                               control.
                             Vanguard
                                               Bogle.
                                                     •
                                    Fidelity Investments was founded in
                                                •Abigail Johnson, granddaughter of
                                                               family currently holds a 49% stake
                                                     Edward, was appointed president
                                                          and CEO in 2014. The Johnson
                    Ownership Structures
                                         1946 by Edward Johnson.







                                                                    in the company.  •The company is owned by its funds,  which are then owned by  Fidelity employees own the  shareholders. There are no outside  remaining 51% of the company.  investors apart from the  Fidelity Investments is not a publicly  shareholders, which has  traded entity.   contributed to the low  management fees the firm offers.   13 © 2022 Innovest Portfolio Solutions, LLC











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