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Huge losses on derivative trades at Geode Capital Management have forced the giant investment firm to close down its hedge-fund business.
Geode has helped Fidelity gain back ground lost to passive-investing giants Vanguard and BlackRock Inc. (Feb 10): Blocks from Fidelity's headquarters, a team of quants toil in relative anonymity. They're also a key weapon in the investment firm's fight to take on all rivals, from Vanguard Group to Robinhood Markets Inc. Geode Capital Management Inc was spun out of the Boston-based firm nearly two decades ago. At the time, Fidelity Investments Inc was content to be undercut by rivals in the low-cost index business and didn't want to overshadow its powerful and famous stock pickers. Today, Geod...