nlike senior executives at most fund companies, those at Fidelity Investments
have long been heard to say that Fidelity is a service firm, not an asset gatherer. They aren't kidding either. The Boston Behemoth added another piece to this vision as it opened Vertitude
, a new temporary staff management company for mid-to-large-sized corporations.
This move follows on the heels of an earlier creation of a payroll service by Fidelity and large investments in total benefits systems for clients. Earlier, Fidelity also created Fidelity Employer Services Company as an umbrella over its benefits businesses.
Vertitude leverages resources that Fidelity originally built for its own use. It currently oversees 2,700 temps at Fidelity. "Over the past two years, we developed the business plan, invested millions of dollars in infrastructure and put in place a strong management team to take our temporary staffing expertise and solutions to the marketplace," said Pamela Murray, president of Veritude.
Fidelity says that Veritude, will cover every aspect of the hiring and management process for business, technical and administrative professionals. It added that the firm opens its doors with one client in place. It has a three-year agreement with Blue Cross/Blue Shield of Massachusetts to provide on-premise management of nearly 1,000 temporary workers used by the company.
Fidelity's goal seems to be to provide a one-stop shop for its larger clients. By providing complementary services such as benefits administration, 401(k) recordkeeping, payroll, and temporary staff oversight, its clients will be less likely to shift assets as investment performance becomes a minor part of the value it adds.
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