Fidelity
Sphere us
Pocket
Capital
Family-controlled private op-co; the platform exception among asset managers (401k rails).
The metrics
- Posture high
- expanding 1 src →
- Capital · available high
- own corporate capital is private (Johnson family ~40% + current/former employees ~60%); ~$12.7B/yr operating income (2025) self-funds expansion; specific cash not disclosed 1 src →
- Capital · operating high
- revenue $37.7B (2025); operating income $12.7B (2025) 1 src →
- Capital · deployed high
- $7.0T discretionary AUM directed + $17.9T assets under administration serviced (Mar-2026) 1 src →
- Capital · in low
- net new assets / new customers (tens of millions of retail + workplace accounts); AUA growth is the proxy — no cited net-flow dollar captured this pass 1 src →
- Capital · out med
- private — no external buybacks; profits reinvested + distributed to Johnson-family + employee owners; plus client redemptions 1 src →
- Optionality med
- mixed — a larger active-management book than the index giants + private ownership give real strategic freedom, but the great majority of AUM/AUA is client fiduciary. 1 src →
- Gravity high
- GROSS — $17.9T assets under administration (Mar-2026) is the platform-orbit (recordkeeping / brokerage / 401(k) rails dependency); tens of millions of retail + workplace accounts ride … 1 src →
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Vocabulary