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Tuesday, February 21, 2012

Fidelity is Raising $250M

News summary by MFWire's editors

Ned Johnson is raising some cash for Fidelity [profile]. On Thursday the Boston-based bundled 401(k) and mutual fund provider's parent company, FMR LLC, filed to raise $250 million through a debt offering [filing].

Tim McLaughlin of Reuters reported on the filing.

Fido filed for the offering under rule 506 of regulation D. The filing did not state how the $250 million will be used. Reuters notes that some credit analysts have recently seen weakness in Fidelity's mutual fund business and questioned the company's debt load.

The majority of the voting stock in the Boston-based private firm are owned by senior management, with the Johnson family having the most influence.

The asset manager has about $1.3 trillion in mutual fund assets. 

Edited by: HFD

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