Despite its relatively low profile, Fidelity Investments is a sprawling beast when it comes to financial services. Last year, the firm’s revenues surpassed the world’s largest asset manager, BlackRock, by more than 50 per cent. The FT’s Emma Dunkley explains how Fidelity has come to dominate the sector, the secrets behind its success, and what hurdles it may have to jump through in the coming years as new challenges for asset managers arise. The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Can Fidelity keep its grip on America’s investments? The quiet queen of American finance How Fidelity’s Ned Johnson defied the curse of the boss’s son Trump opens US retirement plans to crypto and private equity investments - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Emma Dunkley on X ( @EmDunks ). Michela Tindera is on X ( @mtindera07 ) and Bluesky ( @mtindera.ft.com ), or follow her on LinkedIn for updates about the show and more.