Monday, April 04, 2011
Fidelity's latest out-of-state move
I hope the great minds at the State House notice the latest move by Fidelity and draw the right conclusion: The company can and will move out of state if it's in the firm's -- or family's -- best interests. But, no, we'll probably get more howls of indignation and calls for another Inquisition. ... FYI: Boston used to be known as the trust-fund capital of the U.S. Bostonians were so famous for their protection and management of wealth that an entire financial industry sprang up here, giving us companies such as Fidelity and Putnam. Now some of them are quietly sneaking off to New Hampshire to establish trust businesses. Don't expect our lawmakers to grasp the bitter irony. They'll be too busy chasing headlines.
I hope the great minds at the State House notice the latest move by Fidelity and draw the right conclusion: The company can and will move out of state if it's in the firm's -- or family's -- best interests. But, no, we'll probably get more howls of indignation and calls for another Inquisition. ... FYI: Boston used to be known as the trust-fund capital of the U.S. Bostonians were so famous for their protection and management of wealth that an entire financial industry sprang up here, giving us companies such as Fidelity and Putnam. Now some of them are quietly sneaking off to New Hampshire to establish trust businesses. Don't expect our lawmakers to grasp the bitter irony. They'll be too busy chasing headlines.
