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Wednesday, March 04, 2020

The Boston Behemoth's Net Inflows Nearly Double

News summary by MFWire's editors

Abby Johnson and her team at Fidelity [profile] had a big 2019, and that includes its fundsters and its RIA and B-D allies.

Abigail Pierrepont Johnson
FMR (dba Fidelity Investments)
Chair, President, CEO
The Boston Behemoth's asset management division (which is being taken over by Bart Grenier as Steve Neff is retiring) saw AUM rise 26 percent last year to a record $3.195 trillion, the team revealed yesterday in Fidelity's 2019 shareholder update. (The asset management division is highlighted on pages 20-22 of the 27-page report.) Net inflows climbed more than 87 percent from 2018 to $193 billion in 2019.

Those inflows break down into: $121 billion into Fidelity's money market funds, $66 billion into its index funds, $49 billion into its managed accounts, and $19 billion into its multi-asset class funds. Yet active equity fund outflows jumped 27 percent to $65 billion.

Meanwhile, Fidelity's institutional division (that includes Fidelity Clearing and Custody Solutions, which handles RIA custody and B-D clearing, as well FundsNetwork, Fidelity's investment supermarket) saw AUA jump 25 percent year-over-year to $3.2 trillion at the end of 2019. (The institutional division, headed by Mike Durbin, is highlighted on pages 17-19 of the report.)

Overall, Fidelity's parent (FMR) brought in record revenue of $20.9 billion (up 2.5 percent from 2018) and record operating income of $6.9 billion (up from 9.5 percent. Operating expenses dipped very slightly to $14.1 billion. AUA rose 24 percent to $8.32 trillion. (By comparison, the S&P 500 rose 31.5 percent on a total return basis last year, while the Bloomberg Barclays Agg rose 8.7 percent.)

Our sister publication, 401kWire, digs into Fidelity's retirement plan business' results. 

Edited by: Neil Anderson, Managing Editor


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