The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Massachusetts Breaks Up With Fidelity Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 20, 2012

Massachusetts Breaks Up With Fidelity

News summary by MFWire's editors

Fidelity just lost a big contract with its own state. The Massachusetts treasurer has awarded Federated Investments the $9.5 billion Massachusetts Municipal Depository Trust contract, which Fidelity has held for 35 years, reports Beth Healy of the Boston Globe.

Massachusetts treasurer Steven Grossman says the switch will save the state a total of $8.2 million over three years. It's a three-year contract with an option for two one-year extensions, and this is the first time it has been put out to bid since 2005.

Fidelity spokesman Vin Loporchio expressed disappointment. “For 35 years, Fidelity has delivered on our commitment to MMDT in delivering a competitive return and service in line with the state’s expectations and guidelines," he said.

As treasurer, Grossman has made a name for himself cutting costs on state contracts. He said that savings, not performance, was the reason for the move.

“You need to acknowledge that Fidelity’s done a superb job," he said. "The service and the quality have been outstanding."  

Edited by: HFD

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use