Fidelity reports more than $25b in defined contribution sales in first half of 2012
Fidelity Investments, a Boston-based financial-services company that offers retirement savings products, is reporting defined contribution sales commitments representing $25.2 billion in assets under administration during the first half of 2012, up 36 percent from the total reported for the same period a year earlier.
Defined contribution products include 401(k) plans.
The first half of 2012 marked one of Fidelity’s strongest first half sales periods over the last five years, the company said.
New defined contribution plans signed during the first half of 2012 included one for Kraft Foods that represents $6.2 billion in new assets under administration, said Fidelity, which added that it was also selected by the University of Washington to be the master administrator for its 27,000-participant retirement program.
In addition to new sales, Fidelity said it renewed more than $80 billion in business from existing clients in the first half of 2012.
Fidelity provides a wide range of financial services. As of June 30, it said it had assets under administration of $3.6 trillion, including managed assets of $1.6 trillion.Chris Reidy can be reached at firstname.lastname@example.org.