Fidelity Investments is an American multinational financial services corporation. It is the fourth largest mutual fund and financial services group in the world. Founded in 1946, the company has since served North American investors. Fidelity Ventures was its venture capital arm, which has since been shut down, with many of the employees moving on to create Volition Capital. Fidelity International Limited (FIL), was an affiliate founded in 1969, serving international markets and the rest of the world; FIL was spun off as an independent business in 1980, and has since been rebranded as 'Fidelity Worldwide Investment'. Fidelity Investments manages a large family of mutual funds, provides fund distribution and investment advice services, as well as providing discount brokerage services, retirement services, wealth management, securities execution and clearance, life insurance and a number of other services. Fidelity is a privately held company founded by Edward C. Johnson II in 1946, which is owned by employees and the Johnson family. Fidelity Management & Research Company (FMR), the US investment management division of Fidelity Investments, acts as the investment adviser to Fidelitys family of mutual funds. FMR has three fund divisions: Equity (headquartered in Boston, Massachusetts), High-Income (Boston) and Fixed-Income (Merrimack, New Hampshire).