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.

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