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Thursday, March 01, 2018

Fidelity Institutional AUA Rises 18.5 Percent

News summary by MFWire's editors

At Fidelity [profile], AUA for its intermediary-support arm rose 18.5 percent last year, while its own asset management AUM rose 15 percent.

Earlier this week the Boston Behemoth released its 2017 "annual shareholder update", a 29-page annual report featuring an introductory letter from Abby Johnson and updates from the heads of Fidelity's five main business units: asset management (AM), enterprise services (ES), Fidelity institutional (FI), personal investing (PI), and workplace solutions (WS).

FI, which is led by president Mike Durbin, includes the Fidelity clearing and custody solutions (FCCS) unit led by Sanjiv Mirchandani. FCCS, in turn, includes Fidelity's RIA custodian and broker-dealer clearing businesses. Durbin writes that FCCS brought in $120 billion of net client asset flows in 2017, its fourth consecutive year of $100-billion-plus of net new client flows. Though Durbin did not reveal total AUA for FCCS, he did note that all of FI ended 2017 with $2.6 trillion in AUA, up 18.5 percent from $2.21 trillion at the end of 2016. (The FCCS part of FI reported $1.67 trillion in AUA at the end of 2016.)

As for AM, Fidelity's discretionary AUM (for its own mutual funds and investment products) climbed 15 percent in 2017 to $2.45 trillion. AM president Charles Morrison reveals that overall net inflows rose to $24.1 billion in 2017 from $9.3 billion in 2016. On the positive flows side, Fidelity's managed accounts brought in more than $37 billion in net inflows in 2017, and its index mutual funds brought in $23 billion. Meanwhile, Fidelity's active equity funds suffered $47 billion in net outflows, down from $58 billion in net outflows in 2016.

Barron's, Bloomberg (twice), the Financial Times, Pensions & Investments, and the Wall Street Journal all reported on Fidelity's results, including its record $5.3 billion in operating income. 

Edited by: Neil Anderson, Managing Editor

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