Fidelity Wealth boasts $325B in assets

Fidelity Institutional Wealth Services today reported that total client assets under administration reached $325 billion, up more than 50% from the prior year. Fidelity’s client assets have increased at a compound annual growth rate of 40 % over the past five years. The Boston firm also reported $28 billion in net new client assets in the third quarter, a 300 % year-over-year increase, and it has realized $65 billion in net new client assets year-to-date. Fidelity Institutional Wealth Services provides trading, custody and brokerage services to registered investment advisers, trusts and third party administrators. The growth in assets over the past couple of years has resulted from the addition of new advisers through a joint offering with SunGard and the continued growth of existing clients, said John Callahan, president, Fidelity Institutional Wealth Services, in a statement. Fidelity and SunGard, a financial software firm based in Wayne, Pa., launched a variety of services available on an integrated trading and custody platform for trust institutions and third party administrators more than a year ago. Since that time, more than 200 firms have joined the platform. Several initiatives were introduced in the past year focused on growing the company. In October, the company launched its Retirement Income Evaluator, a web-based planning tool for advisers. More educational resources were added to the company’s trust platform last year, enhancing Fidelity’s Trustee Services Program. Fidelity Institutional Wealth Services custodies more than $325 billion in assets on behalf of nearly 4,000 clients, as of Sept. 30. Fidelity Investments of Boston of had custodied assets of $3.3 trillion, including managed assets of more than $1.5 trillion as of Sept. 30.