Fidelity Investments managed $1.5 trillion in client assets as of Dec. 31, up 20% from the year before, following a 22% decline in 2008, according to the company's annual report released today.
Fidelity's $31.4 billion in net inflows for the year were down 43% from 2008, as growing investor interest in longer-term products reduced flows to money market products, but its equity products enjoyed net inflows of $3.8 billion in 2009. That's the first time that market segment pulled in money in five years, Fidelity Chairman Edward C. “Ned” Johnson said in the report.
Revenues, meanwhile, dropped 11% in 2009 to $11.5 billion, following a 3.8% drop the year before.
However, on the back of cost-cutting efforts, Fidelity reported operating income of $2.52 billion for 2009, up 5.2% from the year before. Operating income dropped 17% in 2008.
