Fidelity Investments will hire 4,000 new employees in the first half of 2023 with a concentration on customer service and technology roles, despite discretionary assets under management being down 13% in 2022, according to the firm's 2022 annual report issued late Wednesday.
Fidelity currently has 68,000 employees after a record-breaking hiring spree in 2022 that brought more than 17,000 new employees into the firm.
Abigail P. Johnson, the firm's chairwoman and CEO, said in her annual letter within the report that the 2022 intake brought new associates in customer service, technology, product management and investment research.
Fidelity's assets under management and administration were lower in 2022 compared to the prior year.
Discretionary assets under management as of Dec. 31 totaled $3.9 trillion, down 13% from the previous year, while assets under administration totaled $10.3 trillion, also down 13% from 2021.
Net asset flows were down 22% to $466 billion compared to the prior year, the report showed.
Ms. Johnson noted in the report "going forward, our strategic pillars remain the same: expand relationships with existing customers, win new customers, become a leader in digital tools and services, and deliver an outstanding associate experience."