Fidelity Investments reported $9.8 trillion in assets under administration as of Dec. 31, of which $3.8 trillion were discretionary managed assets, the company said in its annual report Tuesday.
The company's AUA rose 17.9% from Dec. 31, 2019, while its assets under management climbed 19% in the same period.
Fidelity's revenue totaled $21 billion for the year, up 0.1% from 2019. Fidelity's operating income was $7.2 billion, an increase of 4.6% from 2019. Both revenue and operating income were company records.
The annual report did not provide any quarterly comparisons.
Fidelity's total discretionary and non-discretionary net inflows for the year were $276 billion, vs. $315 billion in inflows recorded in 2019. The figure includes $144 billion in discretionary net inflows — which consists of Fidelity-managed mutual funds, other managed products, and managed accounts — and $132 billion in non-discretionary net inflows.
Fidelity's mutual funds outperformed 72%, 76%, and 77% of their industry peers for the trailing one-, three- and five-year periods, respectively, ended Dec. 31, the report said. This compares with 73%, 77%, and 77% for the same periods in 2019.
In a letter to shareholders, Fidelity Chairwoman and CEO Abigail P. Johnson said that although 2020 "was a challenging year on so many fronts, as the COVID-19 pandemic spurred market volatility, economic uncertainty, and health and safety concerns," the firm experienced "increased levels of financial performance, assets under administration, and customer accounts across each of the company's major lines of business," due in part to "significant growth across (Fidelity's) workplace benefits and institutional businesses ... spurred by a strong overall stock market for the year."
"The past year has been unsettling and full of uncertainties, but we stayed focused on providing help and guidance to our customers," Ms. Johnson added. "In 2020, like many companies across the country and world, we found ourselves in a situation where we had to focus on short-term planning to be nimble and move quickly to meet the demands of our customers and associates."
Looking ahead, Ms. Johnson wrote that Fidelity plans to further invest in digital technologies, including artificial intelligence, machine learning and virtual assistants.