Fidelity reports strong growth in 2 asset groups

Fidelity Investments said today two indicators of its retirement savings business both rose 8 percent last year, which it called strong growth in a key emerging market.

Best known for its mutual funds, Fidelity of Boston also competes fiercely to manage savings plans such as defined-contribution 401(k) accounts offered by individual employers. For 2007 Fidelity said one class of assets at its defined-contribution services business rose 8 percent to $851.4 billion in 2007. Fidelity describes these assets as "recordkept,'' meaning it provides administrative services to individual savers such as sending them account statements and answering questions by phone.

In addition Fidelity said its total assets under administration for the retirement services business rose 8 percent to $918.4 billion in 2007. These include both recordkept assets, and money put into Fidelity products through 401(k) plans managed by other companies.

For all of 2007 Fidelity said it added nearly 524,000 defined-contribution plan participants, finishing the year with 13.6 million.
(By Ross Kerber, Globe staff)