Fidelity says it posted record results in B-D lines

Fidelity Investments said its intermediary businesses — those that serve broker-dealers, banks, insurers, registered investment advisers and other institutional clients — set records last year.
MAR 05, 2009
Fidelity Investments said its intermediary businesses — those that serve broker-dealers, banks, insurers, registered investment advisers and other institutional clients — set records last year. The Boston-based company said that last year it snagged a record number of “breakaway” brokers, or those advisers who left their broker-dealers to be independent and use Fidelity as their custodian, with 102 — nearly double the number added in 2007. The company also said that its daily average number of commissionable trades was 241,000 last year, up 18% from 2007, with September and October registering some of the highest totals in the firm’s history. Fidelity’s institutional products group — which includes institutional wealth services, Fidelity Capital Markets, Fidelity Family Office Services, Fidelity Investments Institutional Services Co. Inc. and National Financial Services LLC — had nearly $1.1 trillion in assets under administration as of Dec. 31. Capital Markets’ prime services business, which serves hedge funds and other alternative investments, experienced a 127% increase in client assets and a 57% increase in new clients. Capital Markets also saw a 29% increase in par value trades in municipal bonds, certificates of deposit, corporate securities and Treasury securities. The equity group experienced a 95% increase in average daily order flow over 2007. The firm also saw a 36% increase in the number of adviser-sold 401 (k) plans, to 702 last year. Fidelity had more than $2.6 trillion in assets under custody, including managed assets of more than $1.2 trillion, as of Dec. 31.

Latest News

RIA dealmaking accelerates as three firms hit AUM milestones
RIA dealmaking accelerates as three firms hit AUM milestones

Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing

VastAdvisor closes $1 million SAFE round from advisor-side backers
VastAdvisor closes $1 million SAFE round from advisor-side backers

Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.

Wells Fargo adds three advisor practices as recruiting rebound continues
Wells Fargo adds three advisor practices as recruiting rebound continues

New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.

UBS will pay advisors 'handsomely' for banking starting next year
UBS will pay advisors 'handsomely' for banking starting next year

Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.

SEC accuses Tricolor executives of hiding $800 million collateral hole
SEC accuses Tricolor executives of hiding $800 million collateral hole

How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income