Fidelity Investments is set to hire 4,000 new employees over the next six months, announced the Boston-based firm on Tuesday. Financial advisors and customer service agents are among the areas that expect to receive additions as the money manager looks to make a 15% increase in associates who focus on clients.
According to Fidelity, the slew of upcoming hires is thanks to millions of new and existing customers opening accounts, increasing trading activity and contributing additional savings.
“We are definitely leaning into growth,” stated Kathleen Murphy, president of personal investing at Fidelity. “It really is the full spectrum, everything from people who do trading to people who want full financial advice.”
It’s not only Fidelity finding success either as rival money management giant BlackRock reported record assets on Tuesday.
Not everyone has had such an easy time in the volatile marketplace, however. The trend seems to be towards more diverse funds with passive, index-tracking products, while companies like Invesco have suffered,
The bigger fish are shoring up their space in the market as well, gobbling up small asset managers. Even some of the stronger asset managers are getting snapped up. Last week, Morgan Stanley purchased Eaton Vance for $7 billion in order to bulk up in a business that offers steady fees and access to wealthy clients.