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Rating:Fidelity Unloading Archipelago Shares Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, May 10, 2005

Fidelity Unloading Archipelago Shares

by: Sean Hanna, Editor in Chief

Fidelity won't be directly profiting off its investment in Archipelago by a little less than first thought. The Boston Behemoth revealed in an SEC filing Monday that it is donating its shares to charity.

Those 2.7 million shares, which are held by Fidelity Management & Research Co. itself and not its funds, are worth $90 million in wake of the exchange's proposed merger with the NYSE.

FMR Corp. will hold onto about 4.36 million Archipelago shares with a value of $143 million at Monday's price. The two blocks of shares together account for 9.26 percent of Archipelago's outstanding stock.

A Fidelity spokesperson said that the gift was part of Fidelity's annual charitable giving campaign.  

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