Fidelity's Brokerage Assets Rose 23 Percent in 2005
January 30, 2006
Although its asset management division is still king, the brokerage unit of Fidelity Investments outgrew its money manager peer in 2005 by about 14%, the Boston-based fund giant indicated in an earnings report.
Fidelity Brokerage Co. reported that total client assets under administration last year were $1.4 trillion, an increase of 23% from $1 trillion in 2004. By comparison, Fidelity's core asset management unit grew by about 9% to $1.2 trillion in 2005.
"Customers responded to our initiatives to deliver lower-cost mutual funds and annuities, enhance our sophisticated trading and clearing technology, and provide greater product and pricing transparency," said Ellyn A. McClogan, president, Fidelity Brokerage, in a statement.
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