Fidelity Investments reported $4.2 trillion in discretionary assets under management for the quarter ended June 30, an increase of 7.7% from March 31 and up 26% from the same quarter a year earlier.
Assets under administration totaled $11.1 trillion during the three-month period ended June 30, with growth of 6.7% in a quarter-to-quarter comparison and up 33% year-to-year, Fidelity said in a financial report released Wednesday.
The Boston-based firm saw a drop in the number of investment accounts, including those of institutional investors, to 82.8 million, down 0.7% from the previous quarter, but up 11% from the quarter ended June 30, 2020, according to the report.
The number of new investment accounts by retail investors age 35 and younger fell to 697,000, down 25.7% vs. the prior quarter but up 65% from the second quarter 2020.
"In Q2, Fidelity had solid growth across all of our businesses and continued to improve the customer experience by enhancing our technology capabilities, products, services and educational tools," the report said.
As part of its effort to handle increases in call volume and digital engagement, Fidelity plans to hire thousands of employees for "new roles across our customer and technology functions," according to the report.
"We are leveraging our scale and market-leading positions to deliver products and services that work across our businesses," Chairwoman and CEO Abigail P. Johnson said in an email. "This cross-company integration allows us to create lifetime engagement in ways that our competitors cannot."
