Fidelity Investments reported $851.4 billion in record-keeping assets in its defined contribution services in 2007, up 8% from the previous year, according to a news release. Assets under administration for Fidelitys retirement services business, which also includes non-record-keeping assets with its DC and DB businesses, rose 8% to $918.4 billion for the year.
Overall, Fidelity added nearly 524,000 DC participants for the year, bringing the companys total to 13.6 million as of Dec. 31.
In addition, Fidelity reported record new inflows of $41 billion for its record-keeping assets in January, representing 360,000 new participants.
Fidelity saw growing interest in its lifecycle funds last year, with more than 4.3 million participants almost a third of Fidelitys participant total investing some or all of their assets in those funds, compared with 3.2 million participants and roughly 25% of the total in 2006, Fidelity spokesman Perry Chlan said.