January 17, 2018 9:35 PM ET

Capital Markets

Company Overview of Fidelity Management Trust Company Inc.

Company Overview

Fidelity Management Trust Company (FMTC) is a privately owned investment manager. The firm provides its services to corporate and public retirement funds, endowments, foundations, and other institutions worldwide. It manages mutual funds and REITs for its clients. The firm invests in the public equity, fixed income, and real estate markets across the globe. It invests in stocks of small-cap, mid-cap, and large-cap companies. Fidelity Management Trust was founded in 1981 and is based in Boston, Massachusetts. Fidelity Management Trust Company operates as a subsidiary of Fidelity Investments.

82 Devonshire Street

Boston, MA 02109

United States

Founded in 1981

Phone:

617-563-6031

Key Executives for Fidelity Management Trust Company Inc.

Senior Vice President and National Sales Director
Senior Vice President of Consultant Relations
Compensation as of Fiscal Year 2017.

Fidelity Management Trust Company Inc. Key Developments

Judge Dismisses ERISA Suit against Fidelity Stable Value Decisions

The suit accused the firm of engaging in imprudent investment strategies for the Fidelity Group Employee Benefit Plan Managed Income Portfolio Commingled Pool (MIP). A judge in the U.S. District Court for the District of Massachusetts this week dismissed an Employee Retirement Income Security Act (ERISA) lawsuit filed against Fidelity Management Trust Company over the management and monitoring of a stable value fund offered to 401(k) plans. The suit, Ellis vs. Fidelity Management Trust Co., accused Fidelity of engaging in imprudent investment strategies for the Fidelity Group Employee Benefit Plan Managed Income Portfolio Commingled Pool (MIP), a stable value fund offered as an investment option in some 401(k) plans for which Fidelity was trustee. The weak performance and high fees of the MIP were the result of the intentional actions and omissions of Fidelity as trustee of the plans, the suit alleged. Fidelity delegated day-to-day management of the MIP to its affiliate, Fidelity Management and Research Company, and the lawsuit accused Fidelity of failing to continuously monitor and supervise its affiliate. Among other issues, plaintiffs claimed this lack of prudence and monitoring resulted in the stable value fund purchasing excessive wrap insurance that unnecessarily dampened return prospects and resulted in conflicts of interest. The text of the court's decision goes into significant detail about the investment and monitoring process Fidelity used in managing the stable value fund in question. The plaintiffs had argued that Fidelity acted in its own self-interest by agreeing to overly stringent wrap insurance guidelines that sacrificed the competitiveness of the portfolio, while allowing Fidelity to grow its assets under management.

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