Mehdiiani Financial Manager, which specializes in financial risk management and investment advisory, will be sold to Fidelity Investments, the Wall Street Journal reported Monday.
The investment firm has a portfolio of over $500 billion in assets, and Mehdian is based in New York City.
Fidelity is the only publicly traded financial company in the United States with a large stake in the company.
“The acquisition of Mehdia is a strong signal of our continued commitment to investing in technology and technology-driven solutions for the investment community, and a strong endorsement of Meydia’s ability to grow and continue to develop its platform,” Fidelity Chairman and CEO James Simons said in a statement.
The Mehdiacan investment company has been a leader in the field of automated trading platforms.
In March, the company was named one of Fortune 500 companies to watch for the year, and in July it was named to the Financial Times 100 list of the world’s best companies to work for.
Fidelity, which has more than $3 trillion in assets under management, has said that Mehdiance’s technology and investment capabilities will help the firm continue to grow. Read More