Fido’s DC record-kept assets grow

Fidelity Investments reported today that record-kept assets in its defined contribution services business grew 8% to $851.4 billion in 2007, from $791.8 billion in 2006. In the same time period, the number of participants grew to 13.6 million, an increase of 524,000. Also, the company reported that assets under administration for its retirement services business, which includes both record-kept and non-record kept assets of its defined contribution and defined benefit business increased 8% to $918.4 billion at year-end, from $851 billion at yearend 2006. The company also achieved a monthly record with the addition of more than $41 billion in new record-kept assets in its defined contribution business, representing 360,000 new participants in January 2008. “I’m pleased with the strong momentum we achieved in 2007, which culminated in a record breaking start to 2008,” said Scott B. David, president of retirement services for Fidelity, in a statement.