Fidelity adds $25.2 billion in assets under administration
By Robert Steyer | August 7, 2012 2:44 pm
Fidelity Investments added $25.2 billion in assets under administration from defined contribution plans during the first half of 2012, a 36% increase from the first six months of last year, confirmed Michael Shamrell, a Fidelity spokesman.
The new commitments are from 838 clients with a total of 522,000 participants. The commitments refer to signed contracts, Mr. Shamrell said in an interview, adding that some clients haven't yet switched to Fidelity from current administrators.
The commitments cover 401(k) and 403(b) plans as well as adviser-sold 401(k) plans, Mr. Shamrell said.
Fidelity has a total of about $3.6 trillion in assets under administration.