MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, December 30, 2002 Fido: No More Cuts There are no additional looming job cuts due at Fidelity Investments. Bob Reynolds, chief operating officer of the Boston Behemoth, told the Wall Street Journal that the firm does not anticipate more cuts on top of the 1,695 it made in September. "I think today we are very, very comfortable with where we are," Reynolds told the paper. While he admitted that the bear market is having an impact on Fidelity, he also stressed that the firm has successfully built a diverse line of business that are sheltered from the direct effects of the stock market. "What stuck me about 2002 was that even though the market presented challenges, there were pockets of success" at Fidelity, the paper quotes Reynolds as stating. He singled out the firm's retirement business as one bright area. Nearly two-thirds (65 percent) of Fidelity's assets under management are now held in retirement accounts and the unit is now cash flow positive, said Reynolds. He also said that Fidelity will add at least $20 billion in new 401(k) assets this year. Reynolds added the Employer Services unit now claims 12,000 corporate clients and 13 million participants. Printed from: MFWire.com/story.asp?s=4250 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |