| Ned Johnson
] may no longer have the most AUM, but it is still the most profitable. Jack Bogle likes to point out that Fidelity's shareholders (namely the Johnsons) have collected $2.5 billion from the firm. That statement may be misleading. Fidelity's fees are lower than the industry average and the firm continues to be a leader in providing technology to the corporate world that support its massive 401(k) and HR administration businesses.
Meanwhile the rumors of Ned Johnson
's departure have quieted and he still runs the show.
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