As markets soared during the first quarter, Fidelity hit a new growth milestone.
The Boston-based financial services company — which spans the asset management, custody, wealth management and retirement markets — grew to $10.4 trillion in assets under administration, up 42.6% from the year-ago period.
It’s the first time Fidelity has reported more than $10 trillion in assets. The company had
Fidelity has benefited from the surge in markets since the dip in 2020, caused by the coronavirus pandemic. In addition, younger and more ethnically and racially diverse investors have been entering the market, according to
The Boston-based asset and wealth manager and custodian has been rapidly building out its ranks to meet demand. The company
Net new assets at Fidelity Institutional, which serves broker-dealers, RIAs, hedge funds and other financial intermediaries, grew by more than 15% in the first quarter of this year, it says.
Average earnings and housing costs are just some of the factors taken into account in a new report.
Fidelity’s growth comes alongside custodial consolidation after the industry’s largest custodian, Charles Schwab, purchased rival TD Ameritrade. Competitors have
This quarter, Fidelity