Fidelity Investments, the US fund manager with more than $1.5 trillion (€1 trillion) of assets, has changed the corporate structure of its business in a move that could cut future taxes by hundreds of millions of dollars and follows earlier moves to reorganise management.

According to a filing to the Securities and Exchange Commission on October 15, Fidelity's parent company, FMR Corp, has converted to a limited liability company or LLC.