Fidelity Dumps UK Retail Operations, Switches Focus To Institutional Clients

MANAGEMENT & INFRASTRUCTURE

Fidelity Investments is closing one of its British subsidiaries, Fidelity Brokerage Services, and is close to selling a second, Global Brokerage Services. The steps mark a major U-turn in the company's international strategy, where it is now de-emphasizing its retail clientele in favor of institutional investors.

"Three months ago Fidelity was focusing on servicing its retail investment business," observes a source who had worked at GBS and asked not to be identified. "Three months later it's

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