Business Maverick: Fidelity Assets Under Management Reach Record $3.3 Trillion

Customers opened almost 1.2 million retail accounts, the Boston-based company Fidelity Investments said Tuesday in a report, boosting flows to the firm’s mutual funds and exchange-traded funds. Equity trading more than doubled to an average of 2.3 million daily transactions in the second quarter as markets rebounded.

“New customers came to Fidelity in record numbers in Q2 because they want to work with a company they can count on to deliver expert planning and guidance, innovative products and services, and reliable and smooth technology,” the firm said. The results are more evidence of how Wall Street has roared back from a steep selloff earlier in the year, shaking off concerns about the Covid-19 pandemic and an underlying economy that has seen record job losses and rising unemployment. The S&P 500 briefly touched a record high Tuesday. Fidelity, like other firms including Robinhood Financial, is benefiting from a surge in day trading.

Closely held Fidelity also said it followed through on a plan to hire more than 2,000 people last quarter, including financial consultants and customer service representatives.Assets under administration reached $8.3 trillion, up 8% from a year ago. Fidelity lowered minimums in its separately managed accounts to $250,000 from $500,000 while launching eight new mutual funds and its first commission-free suite of active equity exchange-traded funds.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Sanofi buys US biotech company Principia for $3.4bnPrincipia shares climb 11% after the French drugmaker announces the all-cash offer that will see it take full control
Source: BDliveSA - 🏆 12. / 63 Read more »

Collective investment schemes saw record second-quarter inflows, says AsisaBy the end of June 2020, assets under management had recovered to R2.54-trillion from R2.26-trillion at the end of March 2020
Source: BDliveSA - 🏆 12. / 63 Read more »

Business Maverick: Ex-McDonald’s CEO Fires Back at Chain’s Effort to Strip PayMcDonald’s Corp.’s former Chief Executive Officer Steve Easterbrook fired back at his former company for suing to clawback tens of millions of dollars in compensation, denying company claims he covered up sexual relationships with subordinates.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Dollar Squeeze Chokes Nigeria’s Economy With Recession LoomingNigeria’s foreign-currency shortage is squeezing the life out of Africa’s biggest economy.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Cartoon Tuesday with RicoCLOSE
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Covid corporate carnage: Sasol posts R90bn lossPetrochemicals giant Sasol just posted a staggering loss of R91.3-bn for the 12 months to the end of June compared with earnings of R6.1-bn the previous year. The Covid-19 pandemic is wreaking havoc across the corporate world with the oil sector among the hardest hit.
Source: dailymaverick - 🏆 3. / 84 Read more »