Pension Fund Management Software

Pension Fund Management Software Market Outlook

The global pension fund management software market is projected to reach approximately USD 5 billion by 2035, growing at a CAGR of around 10% during the forecast period from 2025 to 2035. This growth can be attributed to the increasing complexity of investment portfolios, a rising number of pension funds, and a growing demand for efficient management solutions that can help organizations navigate regulatory compliance and improve operational efficiency. Additionally, the integration of advanced technologies such as artificial intelligence and machine learning into pension fund management software is enhancing decision-making processes and providing better insights into market trends, further driving the market's growth. The growing awareness of the importance of retirement planning among employees is also leading to increased investments in pension funds, which subsequently fuels the demand for effective management software. Moreover, the need for improving transparency and accountability in pension fund operations is another significant factor propelling market expansion.

Growth Factor of the Market

The pension fund management software market is experiencing robust growth due to several factors. Firstly, the increasing assets under management in pension funds necessitate sophisticated management tools that can efficiently handle large volumes of data, perform complex calculations, and generate accurate reports. Secondly, the rise in regulatory requirements across various regions is compelling pension funds and investment firms to adopt comprehensive software solutions to ensure compliance and manage risk effectively. Moreover, technological advancements have facilitated the development of cloud-based solutions, enhancing accessibility and lowering upfront infrastructure costs for fund managers. Increased competition among pension funds to achieve better returns on investment has also contributed to the growing demand for analytics-driven decision-making tools that software solutions offer. Lastly, the shift towards digitalization in the financial services industry is pushing organizations to invest in automated software solutions that streamline operations and enhance user experience.

Key Highlights of the Market

• The global pension fund management software market is expected to witness significant growth driven by digital transformation in financial services.
• Cloud-based solutions are gaining popularity due to their scalability, cost-effectiveness, and enhanced accessibility.
• The increasing regulatory scrutiny is propelling the demand for comprehensive compliance management features in software solutions.
• Pension funds and investment firms are increasingly relying on advanced analytics for informed decision-making and risk management.
• Partnerships between software providers and pension funds are on the rise, leading to tailored solutions that meet specific needs.

By Deployment Type

Cloud-based:

Cloud-based pension fund management software is increasingly becoming a preferred choice for many organizations due to its scalability and flexibility. These solutions allow organizations to access their data and tools from virtually any location, which is particularly beneficial for firms with multiple offices or remote employees. The cloud-based model reduces the need for significant upfront capital investment in IT infrastructure, as the software providers typically handle the hardware and maintenance. Additionally, updates and enhancements can be deployed seamlessly, ensuring that users always have access to the latest features and security protocols. The demand for cloud-based solutions is also driven by the increasing trend of remote work, where access to real-time data and collaboration tools is essential for effective decision-making. Furthermore, cloud solutions often come with advanced security features, ensuring that sensitive financial data is adequately protected.

On-premises:

On-premises pension fund management software remains a viable option for organizations that prioritize control over their data and systems. This deployment type allows firms to host the software on their own servers, which can be advantageous for organizations with strict data privacy regulations or those that require customized security measures. On-premises solutions offer greater control over system configurations and data management, allowing organizations to tailor the software to their specific needs. However, this model typically involves higher upfront costs and ongoing maintenance responsibilities, which can deter smaller firms from opting for this solution. Despite these challenges, on-premises software can provide robust performance for organizations with significant IT resources and expertise. The decision between cloud-based and on-premises solutions often hinges on an organization's size, regulatory environment, and specific operational requirements, leading to a diverse landscape where both deployment types coexist.

By User

Pension Funds:

Pension funds represent a significant segment of the pension fund management software market, as these entities require specialized tools to manage their complex investment portfolios and ensure compliance with regulatory standards. The software enables pension funds to monitor their asset allocations, evaluate performance, and conduct risk assessments in real-time. Given the increasing scrutiny associated with pension fund management, these organizations are seeking solutions that not only enhance operational efficiency but also provide transparency to stakeholders. Furthermore, pension funds are leveraging software solutions to improve communication with beneficiaries, ensuring that they are informed about their retirement savings and investment performance. As the demand for efficient, user-friendly software continues to grow, pension funds are increasingly investing in customized solutions tailored to their specific needs and regulatory requirements.

Investment Firms:

Investment firms are also significant users of pension fund management software, seeking tools that enhance their ability to manage client assets effectively and optimize investment strategies. These firms require robust analytics capabilities to evaluate market trends, assess risks, and support decision-making processes. By utilizing specialized software solutions, investment firms can automate many of their manual processes, leading to greater efficiency and reduced operational costs. Additionally, these tools help investment firms in generating detailed reports that comply with regulatory requirements, thus ensuring transparency and accountability. The increasing competition among investment firms to attract pension funds as clients is driving the adoption of advanced software solutions that can offer superior performance tracking and client engagement features. Consequently, investment firms are recognizing the value of investing in technology as a means to enhance their service offerings and improve client satisfaction.

Insurance Companies:

Insurance companies are emerging as another crucial user group of pension fund management software, as these organizations often manage substantial portfolios of pension-related products. The integration of pension fund management software assists insurance companies in streamlining their investment strategies, thus ensuring that they can meet policyholder obligations and regulatory requirements. These tools enable effective tracking of asset performance, risk management, and compliance reporting, which are vital for maintaining trust and credibility with policyholders. Moreover, as insurance companies increasingly diversify their offerings to include pension products, the need for sophisticated software solutions that cater to the specific needs of pension management has grown. By adopting advanced technology, insurance companies can enhance their operational efficiency and optimize their investment strategies, ultimately benefiting both the organization and its clients.

Others:

In addition to pension funds, investment firms, and insurance companies, various other entities are also utilizing pension fund management software. These "others" may include financial advisory firms, corporate treasuries, and non-profit organizations that manage retirement plans. The diverse needs of these entities drive the demand for versatile software solutions that can handle different types of investments and financial products. By leveraging pension fund management software, these organizations can gain valuable insights into their investment performance, streamline their financial reporting processes, and ensure compliance with applicable regulations. Furthermore, as the retirement landscape evolves, these users are increasingly recognizing the importance of adopting technology to navigate complexities associated with pension management. The growing awareness of retirement planning needs across different sectors is expected to contribute to the expansion of the pension fund management software market in the coming years.

By Function

Investment Management:

Investment management is a critical function of pension fund management software, encompassing tools and features that enable organizations to oversee their investment portfolios effectively. This function allows fund managers to track the performance of various assets, assess their risk levels, and make informed decisions about asset allocation. By utilizing advanced analytics and reporting capabilities, pension funds can analyze market trends, benchmark performance against industry standards, and adjust their strategies accordingly. The automation of investment management processes helps reduce the administrative burden on fund managers, freeing them to focus on strategic decision-making. As the investment landscape becomes increasingly complex, the need for sophisticated investment management features is driving the growth of pension fund management software solutions. Consequently, providers are continually enhancing their offerings with cutting-edge features that facilitate real-time monitoring and analysis of investments.

Risk Management:

Risk management is another essential function of pension fund management software, providing organizations with the tools needed to identify, assess, and mitigate risks associated with their investment portfolios. Effective risk management is vital for maintaining the financial health of pension funds and ensuring that they can meet their long-term obligations to beneficiaries. Software solutions often include advanced risk analytics, scenario modeling, and stress testing capabilities that allow fund managers to evaluate potential market disruptions and their impacts on investment performance. By leveraging these tools, organizations can develop comprehensive risk management strategies that help safeguard their assets against unforeseen events. The increasing regulatory pressures around risk management practices are further driving the demand for software solutions that offer robust risk assessment features. As a result, pension fund management software is evolving to incorporate sophisticated risk management functionalities that support compliance and enhance decision-making.

Reporting and Analytics:

The reporting and analytics function of pension fund management software plays a crucial role in facilitating transparency, compliance, and informed decision-making. With regulatory bodies demanding comprehensive reporting and accountability from pension funds, the need for efficient reporting tools has become paramount. Software solutions equipped with advanced reporting capabilities allow fund managers to generate detailed reports on investment performance, risk assessments, and compliance with regulatory requirements. Additionally, analytics features enable organizations to derive insights from their data, helping them identify trends, evaluate performance, and make strategic adjustments. By automating the reporting process, pension fund management software minimizes the risk of human error and ensures timely submission of reports to stakeholders. As the demand for transparency and accountability continues to rise, the importance of the reporting and analytics function within pension fund management software is expected to grow significantly.

Others:

Besides the primary functions of investment management, risk management, and reporting and analytics, pension fund management software encompasses various other functionalities that enhance operational efficiency. These may include features such as compliance management, client relationship management, and workflow automation. Compliance management tools ensure that pension funds adhere to the ever-changing regulatory landscape, mitigating the risk of penalties and reputational damage. Client relationship management features facilitate effective communication and engagement with beneficiaries and stakeholders, fostering trust and transparency. Workflow automation capabilities streamline internal processes, enabling organizations to optimize their operations and improve productivity. As pension funds and investment firms seek to enhance their competitiveness, the demand for comprehensive software solutions that address multiple functions is expected to increase, further driving the growth of the pension fund management software market.

By Service Type

Consulting:

Consulting services within the pension fund management software market provide organizations with expert guidance on how to effectively implement and optimize their software solutions. These services encompass various aspects of software adoption, including needs assessment, system selection, and best practices for usage. As pension funds navigate the complexities of investment management and regulatory compliance, consulting services play a vital role in ensuring that organizations make informed decisions that align with their strategic objectives. By leveraging the expertise of consulting professionals, pension funds can identify the right software solutions that cater to their specific needs and challenges. Moreover, consulting services can assist organizations in developing tailored implementation plans that facilitate smooth transitions to new systems, thereby minimizing disruption to ongoing operations. As the demand for expert guidance continues to grow, consulting services are expected to play an increasingly significant role in the pension fund management software market.

Implementation:

Implementation services are essential for the successful deployment of pension fund management software, encompassing the technical aspects of installing and configuring the software to meet an organization's unique requirements. The implementation process typically involves data migration, system integration, and user training to ensure that all stakeholders are equipped to utilize the new system effectively. Given the complexity of pension fund operations and the need for compliance with regulatory standards, thorough implementation services are crucial for maximizing the value derived from the software. Organizations that invest in comprehensive implementation support are more likely to experience a smooth transition, reducing the risk of operational disruptions. Additionally, ongoing support during the implementation phase helps address any challenges that may arise, ensuring that users can fully leverage the software's capabilities. As pension funds increasingly recognize the importance of effective software implementation, the demand for specialized implementation services is expected to grow.

Support and Maintenance:

Support and maintenance services are vital components of the pension fund management software ecosystem, providing organizations with the ongoing assistance needed to ensure that their software remains functional and up-to-date. These services typically include troubleshooting, software updates, and technical support, allowing organizations to address any issues that may arise during regular operations. As pension fund management software evolves with new features and compliance requirements, the need for robust support and maintenance services becomes paramount. Organizations that prioritize ongoing support can benefit from improved software performance, reduced system downtime, and enhanced user satisfaction. Furthermore, regular maintenance ensures that the software continues to meet regulatory standards and industry best practices, safeguarding organizations against compliance risks. As the pension fund management software market grows, the importance of support and maintenance services will continue to rise, driving demand for comprehensive service offerings.

By Region

North America dominates the pension fund management software market, accounting for a significant share due to the presence of numerous pension funds, investment firms, and insurance companies in the region. The market is expected to reach approximately USD 2 billion by 2035, driven by increasing regulatory scrutiny and the growing adoption of advanced technologies in financial services. The United States, in particular, is witnessing a surge in demand for robust software solutions that enhance transparency and efficiency in pension fund management. Additionally, the emphasis on retirement planning and the need for compliance with regulatory standards are propelling the growth of this market segment. As organizations in North America continue to prioritize digital transformation and invest in technology, the region is likely to maintain its leadership position throughout the forecast period, with a CAGR of about 9%.

Europe follows North America, holding a substantial share of the pension fund management software market, projected to reach around USD 1.5 billion by 2035. The region's growth is fueled by the increasing number of pension funds and the rising demand for compliance-driven software solutions. European pension funds are under pressure to adhere to stringent regulatory frameworks, driving the adoption of technology that enhances operational efficiency and reporting accuracy. Furthermore, the growing awareness of retirement planning among the populace is encouraging pension funds to seek advanced management tools. As technological advancements continue to shape the financial services landscape, the European market is expected to witness a steady growth rate, with a CAGR of approximately 8% during the forecast period. The Asia Pacific region is also emerging as a significant player in the pension fund management software market, with expectations of substantial growth driven by the expanding financial services sector and increasing retirement fund management needs.

Opportunities

The pension fund management software market presents numerous opportunities for growth, particularly as organizations seek to leverage technology to enhance their operational efficiency and compliance capabilities. One significant opportunity lies in the integration of artificial intelligence (AI) and machine learning (ML) technologies into software solutions. These advanced technologies can provide organizations with powerful analytical tools that enable predictive modeling, risk assessment, and sophisticated investment analysis. By harnessing the capabilities of AI and ML, pension funds can make data-driven decisions, optimize their investment strategies, and improve their overall performance. Additionally, as the demand for personalized retirement planning services continues to rise, software providers have the opportunity to develop tailored solutions that cater to the unique needs of various user segments, including individual investors and corporate clients. The focus on customization and personalization in software offerings can significantly enhance user satisfaction and engagement, driving further growth in the market.

Furthermore, the global push for environmental, social, and governance (ESG) investing is creating new opportunities within the pension fund management software market. As pension funds increasingly prioritize sustainable and responsible investment strategies, software solutions that facilitate ESG reporting and analytics are becoming essential. Organizations that successfully integrate ESG factors into their investment decision-making processes can not only meet regulatory requirements but also attract a growing pool of investors who prioritize sustainability. The development of software tools that simplify ESG data collection, analysis, and reporting presents a lucrative opportunity for software providers. As the trend towards sustainable investing continues to gain momentum, the demand for innovative software solutions that support ESG objectives will likely grow, further driving the expansion of the pension fund management software market.

Threats

Despite the promising growth prospects for the pension fund management software market, there are several threats that could hinder its development. One significant concern is the increasing prevalence of cybersecurity threats and data breaches, which pose substantial risks to organizations that handle sensitive financial information. As pension funds and investment firms adopt more advanced technology solutions, they inadvertently become targets for cybercriminals seeking to exploit vulnerabilities in their systems. A successful data breach can lead to severe financial losses, reputational damage, and regulatory penalties, which could significantly impact the growth trajectory of the market. Consequently, software providers must prioritize cybersecurity measures and invest in robust security protocols to protect their clients' data and maintain trust in their solutions.

Another potential restrainer for market growth is the slow pace of technological adoption among certain pension funds and organizations, particularly smaller firms that may lack the resources or expertise to implement sophisticated software solutions. While larger organizations are more likely to invest in advanced pension fund management systems, smaller firms may struggle to justify the costs associated with such investments. This disparity in adoption rates can create a fragmented market landscape, potentially limiting the overall growth opportunities for software providers. Furthermore, compliance challenges and the constantly evolving regulatory environment can deter organizations from investing in new technology, as they may fear that future changes could render their software solutions outdated or inadequate. As such, software providers need to remain agile and adaptable, continuously updating their offerings to meet the changing needs of the market and address potential concerns around compliance.

Competitor Outlook

• Oracle Corporation
• SAP SE
• FIS Global
• Morningstar, Inc.
• PensionSoft
• eFront
• BlackRock, Inc.
• SS&C Technologies Holdings, Inc.
• State Street Corporation
• Advent Software, Inc.
• RiskMetrics Group
• Investran
• Altair Engineering, Inc.
• Columbia Threadneedle Investments
• Fidelity Investments

The competitive landscape of the pension fund management software market is characterized by a mix of established players and emerging startups, all vying for market share and striving to differentiate their offerings. Major players like Oracle, SAP, and FIS Global dominate the market with their comprehensive, feature-rich solutions that cater to various aspects of pension fund management. These companies benefit from significant resources, extensive industry expertise, and established relationships with large organizations, enabling them to offer tailored solutions that meet the complex needs of pension funds and investment firms. In this competitive environment, innovation and the ability to adapt to changing market demands are crucial for maintaining a competitive edge. As a result, many companies are investing heavily in research and development to incorporate advanced technologies such as artificial intelligence, analytics, and cloud computing into their software solutions.

Several companies focus on niche markets within the pension fund management software space, offering specialized solutions that cater to specific needs. For instance, firms like PensionSoft and eFront concentrate on providing tailored solutions for pension funds, emphasizing user-friendly interfaces and customizable features. These niche players often prioritize customer service and support, enabling them to build strong relationships with their clients. Additionally, companies like BlackRock and State Street are leveraging their expertise in investment management to develop integrated software solutions that combine analytics, reporting, and risk management functionalities. This approach allows them to offer comprehensive solutions that address multiple aspects of pension fund management, further solidifying their position in the market.

As the pension fund management software market continues to evolve, companies are increasingly recognizing the importance of collaboration and partnerships to enhance their service offerings and expand their market presence. Some firms are pursuing strategic alliances with fintech startups to leverage innovative technologies that can complement their existing solutions. This trend is expected to drive further growth and innovation within the market, creating new opportunities for both established players and new entrants. Companies that can effectively navigate the competitive landscape, anticipate market trends, and respond to the evolving needs of pension funds and investment firms will play a crucial role in shaping the future of the pension fund management software market.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 SAP SE
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 eFront
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Investran
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 FIS Global
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 PensionSoft
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 BlackRock, Inc.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Morningstar, Inc.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 RiskMetrics Group
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Oracle Corporation
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Fidelity Investments
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Advent Software, Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Altair Engineering, Inc.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 State Street Corporation
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 SS&C Technologies Holdings, Inc.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Columbia Threadneedle Investments
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Pension Fund Management Software Market, By User
    • 6.1.1 Pension Funds
    • 6.1.2 Investment Firms
    • 6.1.3 Insurance Companies
    • 6.1.4 Others
  • 6.2 Pension Fund Management Software Market, By Function
    • 6.2.1 Investment Management
    • 6.2.2 Risk Management
    • 6.2.3 Reporting and Analytics
    • 6.2.4 Others
  • 6.3 Pension Fund Management Software Market, By Service Type
    • 6.3.1 Consulting
    • 6.3.2 Implementation
    • 6.3.3 Support and Maintenance
  • 6.4 Pension Fund Management Software Market, By Deployment Type
    • 6.4.1 Cloud-based
    • 6.4.2 On-premises

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Pension Fund Management Software Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Pension Fund Management Software market is categorized based on

By Deployment Type

• Cloud-based
• On-premises

By User

• Pension Funds
• Investment Firms
• Insurance Companies
• Others

By Function

• Investment Management
• Risk Management
• Reporting and Analytics
• Others

By Service Type

• Consulting
• Implementation
• Support and Maintenance

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Oracle Corporation
• SAP SE
• FIS Global
• Morningstar, Inc.
• PensionSoft
• eFront
• BlackRock, Inc.
• SS&C Technologies Holdings, Inc.
• State Street Corporation
• Advent Software, Inc.
• RiskMetrics Group
• Investran
• Altair Engineering, Inc.
• Columbia Threadneedle Investments
• Fidelity Investments