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Rating:Fido Posts 20% Profit Jump Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, March 02, 2006

Fido Posts 20% Profit Jump

by: Armie Margaret Lee

Fidelity Investments saw net earnings rise 20 percent to $1.3 billion in 2005, the second highest amount ever in the Boston Behemoth's history.

Average assets under management at Fidelity, which will celebrate its 60th anniversary in May, reached $1.1 trillion, representing a 10-percent growth compared to the previous year’s figure, according to a Reuters report. Revenue, meanwhile, came in at $11.1 billion, slightly lower than the record set in 2001.

Quoting Edward Johnson, Fidelity's chairman and chief executive officer, the report said the firm has benefited from general market trends wherein large cap stocks overtook small cap stocks in popularity, and the gap between value stocks and growth stocks trimmed. These trends, he said, "played to our strength."

Johnson said 70 percent of the firm's fund managers had outpaced their peers on a one-year basis, up from 59 percent in 2004. 

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