No, This Mutual Fund Titan Is NOT For Sale
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Tuesday, September 18, 2018

No, This Mutual Fund Titan Is NOT For Sale

One of the biggest mutual fund companies is going to stay private, despite rumored outside interest.

On Friday Fox Business Network's Charlie Gasaparino tweeted that "firms like Goldman Sachs [profile] have sent feelers" for years about acquiring Fidelity [profile] but that Fidelity continues to "rebuff feelers from Wall Street banks of a possible merger."

Fidelity is privately held by its employees and the Johnson family, with CEO Abby Johnson as the biggest shareholder. The Boston Behemoth earned a record $5.3 billion in operating income last year.

Last year, Abby Johnson shot down IPO rumors.

Meanwhile, if Fidelity isn't available, perhaps the "Wall Street banks" Gasparino references will go after other deals in the area. Indeed, Gasparino says incoming Goldman CEO David Solomon is expected to expand Goldman Sachs Asset Management (GSAM), possibly through M&A. Gasparino offers no hints as to who other targets might be, though.

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