Assets under administration at Fidelity increased 42.6% on a year-over-year basis in the first quarter to $10.4 trillion, the company said in a release.
The investment giant also saw a wave of younger new clients, with 1.6 million accounts out of the 4.1 million total number of retail accounts opened across Fidelity in the first quarter — up 156.3% compared to the first quarter of 2020 — being accounted for by investors 35 years old or younger. The increase in the number of younger investors was 223%, the company said.
Fidelity’s total number of accounts in the first quarter were 83.4 million, up 12.1% compared to the comparable period a year ago, and of those, 9.7 million were with Fidelity Institutional. Of those, 400,000 were net new accounts.
Toronto-based Bank of Montreal has hired a three-decade veteran from Bank of America to lead its newly combined US operation as one of its top leaders plans to step down.
LPL has closed 56 deals in its succession program, using $690 million of capital, according to William Blair analyst Jeff Schmitt.
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Unequal life expectancy, emotional decision-making, and market swings are rewriting the rules, forcing a rethink on everything from default plans to annuities.
Meanwhile, Wells Fargo reels in a veteran from JPMorgan in Las Vegas, Nevada.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
