Fidelity's brokerage assets hit $1.96 trillion
Boston money manager Fidelity Investments said today that client assets at its brokerage business were at a record $1.96 trillion at the end of September.
That was up 24 percent from a year earlier, due to higher inflows and stronger markets.
Fidelity, the world's biggest mutual fund firm, competes with Merrill Lynch & Co., Charles Schwab Corp., TD Ameritrade Holding Corp. and E+Trade Financial Corp., among others, in the brokerage business.
Privately owned Fidelity said in a statement that net new client assets, which include sales of Fidelity and non-Fidelity mutual funds and individual securities, almost doubled to $54.8 billion in the third quarter.
New retail brokerage assets and new institutional clearing assets rose 27 percent each to $14.7 billion and $11.8 billion, respectively, in the quarter. New institutional adviser assets jumped four-fold to $28.4 billion, helped by a business tie-up with financial software provider SunGard, it said.
Daily average commissionable trades were at a record 368,502 in the quarter, up 31 percent from a year earlier, the firm said.
Fidelity had 17.6 million brokerage client accounts at the end of the quarter, up 6 percent from a year earlier but down from 18 million at the end of June.
"The small decline in accounts is primarily due to Fidelity purging nearly 700,000 zero-balance accounts in July 2007," Fidelity spokesman Steve Austin said. (Reuters)
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