Fidelity Investments in 2002 saw assets under management decline 12% to $773 billion, revenues fall 8% to $8.9 billion, and net income drop 39% to $808 million, according to the companys annual report. "Although we are not pleased with the income result, we recognize that declines during down markets are difficult to avoid, Edward Johnson, CEO, said in the report. Institutional assets, which include the defined contribution and defined benefit businesses, dropped 13% to $487 billion. Overall, Fidelitys assets under management are at 1998 levels.
Fidelity funds outperformed 70% of their competitors for the year ended Dec. 31, up from 66% for 2001, Mr. Johnson said in the report. He also cited strength in the full-service outsourcing business as the firm landed 300 new 401(k) plans and 10 new defined benefit plans.