Fidelity Management Trust Company
, Fidelity's defined benefit and endowment unit, signed 47 new contracts in the first six months of the year. The unit reported assets under management of $101.2 billion, up $10.9 billion or 12 percent from June of 2004.
FMTC, which functions as a part of Fidelity Employer Services, said that growth in the unit was driven by demand of its international stock, fixed income and defined benefit outsourcing products.
In the first half of 2005, Fidelity signed seven new full service defined benefit administration clients, 13 corporate and public clients for its International Growth product and seven new clients for its Select International product.
One of Fidelity's new wins in the DB area was Holcim, a cement and aggregates supplier. Fidelity will handle administration, investment management, trust and custody for 5,500 participants with approximately $200 million in assets. Fidelity also administers the company's 401(k) plan, according to a Holcim human resources representative.
FMTC is headed by Drew Lawton
. Fidelity also recently created Pyramis Global Advisors
, a new equity-only institutional money manager.
Stay ahead of the news ... Sign up for our email alerts now