Corporate governance and securities law specialists say that big Fidelity investments in companies owned by F-Prime could be interpreted as propping up the family's interests and helping F-Prime's exit strategy.

"It does raise a potentially serious question," said James Post, a professor emeritus of markets, public policy and law at Boston University. "The uniqueness of the Fidelity arrangement requires the highest level of integrity."

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METHODOLOGY: How we analyzed the Johnsons' trading

Reuters combed through public securities filings to explore overlap between the investing activities of Fidelity Investments, which serves some 20 million clients, and proprietary investment vehicles of the family that controls Fidelity, the Johnsons. Reuters identified 10 investments in which F-Prime Capital Partners, controlled by the Johnsons, was competing on the same turf as Fidelity mutual funds. The examination covered a three-year period, from 2013 to the present. During this time, Fidelity mutual funds began ramping up their strategy of investing in pre-IPO start-up companies. It is possible that the examination missed other relevant examples among F-Prime Capital's many investments.

This article was provided by Reuters.

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