Fidelity Investments reported $8.32 trillion in assets under administration as of Dec. 31, of which $3.2 trillion were discretionary managed assets, the company said in its annual report Tuesday.
The company's AUA rose 24.4% from Dec. 31, 2018, while its assets under management climbed 26% in the same period.
Fidelity's revenue totaled $20.9 billion for the year, up 2.5% from 2018. Fidelity's operating income was $6.9 billion, an increase of 9.5% from 2018. 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 $315 billion, which was 1.8% higher than 2018's total net inflows. This includes $193 billion in discretionary net inflows — which consists of Fidelity-managed mutual funds, other managed products and managed accounts — and $122 billion in non-discretionary net inflows. Discretionary net inflows totaled $103 billion in 2019.
Fidelity's mutual funds outperformed 74%, 78%, and 78% of their industry peers for the trailing one-, three- and five-year periods, respectively, ended Dec. 31, the report said. This compares with 66%, 72% and 76% for the same periods in 2018.
In a letter to shareholders, Fidelity Chairwoman and CEO Abigail P. Johnson attributed the firm's operating results to "a combination of factors, including disruptive solutions that provide more value to customers; a focus on driving scale and efficiency; favorable market conditions; and attracting, hiring and retaining talented associates."
However, since "the financial industry continue(s) to reward scale and efficiency and demand faster speed to market," Ms. Johnson added, Fidelity is "working hard to drive down unit costs for high-volume transactions, create digitally native experiences, upgrade our technology platforms, integrate the customer experiences that span across business units, and move faster to deliver new products and capabilities."