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                             Vanguard  •The Vanguard Group was  established in 1975 by John (Jack)   Bogle.  Vanguard is structured as a client‐  • owned company with no outside   control.  •The company is owned by its funds,  which are then owned by  shareholders. There are no outside  investors apart from the  shareholders, which has   contributed to the low  management fees the firm offers.   © 2022 Innovest Portfolio Solutions, LLC














                                    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.  Fidelity employees own the  remaining 51% of the company.  Fidelity Investments is not a publicly   traded entity.












                             Fidelity  •                                   •
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