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Fidelity Brokerage Assets Soar in Second Quarter

Fidelity Investments reported that its brokerage unit got a tidal wave of net new client assets in the second quarter, while trading volume jumped 75%, when compared to the corresponding period last year. Net new client assets checked in at $23.8 billion, a large increase over the $2.5 billion the unit raked in during the second quarter of 2003. This category included the sales of both Fidelity and non-Fidelity funds and securities.

Total client assets under administration tallied $1 trillion, a 28% jump from 2003. Total client accounts rose 12% to 13.9 million accounts at the end of the period. Also, the average daily commissionable trades grew 75% from the corresponding period in 2003, totaling 198,722.