The overall picture for Fidelity Investments
] in 2010 was a bright one overshadowed by a few dark spots. First, the good news: The firm experienced a 17 percent increase in its full-year operating income, Bloomberg reports
The firm's operating income in 2010 rose to $2.94 billion from $2.51 billion in 2009, and its revenue climbed 6.7 percent to $12.3 billion. Its AUM also climbed 6.3 percent to $1.6 trillion.
Yet, Fidelity's feel-good story was marred by net redemptions of $49.7 billion from its money-market funds and $20.7 billion from its U.S. stock funds last year, while $13.5 billion net flowed into its taxable bond funds, according to data from Morningstar.
In a letter to Fidelity shareholders, CEO Edward Johnson
called the overall level of withdrawals "disappointing."
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