Fidelity Investments, the Boston-based financial giant, directly manages $7tn in assets and administers $18tn, serving 57 million Americans—one in five adults—through retirement plans, funds, and brokerage accounts. Despite its massive scale, the company remains shrouded in secrecy, owned and led by the reclusive Johnson family. Abigail Johnson, CEO since 2018, has kept rivals and clients guessing about the dynasty’s strategy as Fidelity eclipsed BlackRock in revenue and profits last year. Journalist Justin Baer’s new book, *House of Fidelity*, lifts the lid on this sprawling enterprise, detailing its evolution from postwar origins to crypto ventures and no-fee funds.

The Johnsons’ grip on Fidelity is absolute. Founder Edward Johnson II (“Ted”) built the company in 1946 by merging smaller firms, while his son Ned Johnson expanded it into a global powerhouse. In 2005, a power struggle erupted between Ned and daughter Abigail after he met with Bank of America and JPMorgan executives, fearing a sale. Baer reveals Abby’s calculated campaign to seize control, exploiting family tensions to force Ned into succession planning. Though Ned retained 41% ownership, the move cemented Abby’s path to CEO. Fidelity’s 80,000 employees and $12.7bn operating income in 2022 underscore its dominance, yet the family’s opacity fuels speculation about future moves.

Baer’s narrative weaves decades of history, profiling luminaries like Peter Lynch and Gerald Tsai, alongside rivals such as Ron O’Hanley (State Street CEO) and Robert Pozen (MFS chair). The book’s looping structure—jumping between past and present—can feel disjointed, but it highlights Fidelity’s adaptability. Critics note gaps in explaining its profitability, though insider accounts from 200+ interviews offer rare glimpses into boardroom battles and strategic pivots. For investors, the saga underscores how family legacies shape markets.

*House of Fidelity* is essential reading for those dissecting corporate governance and dynasty-driven enterprises. While the Johnsons’ secrecy persists, Baer’s reporting confirms Fidelity’s unmatched scale and influence. As Abby Johnson, now 64, shows no signs of stepping down, the question remains: Will the dynasty’s next chapter redefine asset management—or maintain its low-profile empire?