Recently, there was a rumor circulating on social media about Fidelity International laying off 100 employees in Dalian. According to sources familiar with the matter, the main body of the layoffs is Fidelity International's Excellence Center located in Dalian, which supports various needs of Fidelity's global business expansion, including technology, operations, and investment research.
Some insiders also told reporters that the layoffs mainly involve departments serving North American businesses. Fidelity International is responsible for the international investment business of Fidelity Investments (focusing on North America) and is an independent entity managing $350 billion in assets in 24 countries. Fidelity Investments is one of the largest pension investment management institutions in the United States.
Regarding the rumors of layoffs, Fidelity International responded to First Financial by saying, "After careful consideration, we have decided to optimize some of the functions currently managed and supported by the Dalian Excellence Center, which is consistent with the company's strategic focus on improving efficiency. At the same time, we will also add some new functions in Dalian to continue expanding our business scale and strive to make good use of local talent advantages
The institution also stated, "Although the total number of employees in Dalian will decrease, Dalian remains an important center of excellence. We are also committed to continuing to carry out public fund business, including pension and asset management, in China, fulfilling our mission of helping Chinese investors achieve long-term financial goals
It is reported that Fidelity International established representative offices in Shanghai and Beijing in 2004 and 2008 respectively, and established a technology and operations center in Dalian in 2007, with over a thousand employees. In January 2017, Fidelity International became the first company in the foreign asset management industry to obtain the WFOE PFM qualification (Wholly Foreign Owned Private Equity Fund Manager); In August 2021, the China Securities Regulatory Commission approved the establishment of Fidelity Fund Management (China) Co., Ltd., marking Fidelity's qualification as a public fund manager in China. At its peak, it had nearly 200 employees. In the past two years, it has issued multiple stock and bond fund products and is still committed to obtaining the qualification for pension investment, expanding the "third pillar" market in China.