must've been smiling yesterday. In its annual shareholder report, Johnson's Fidelity Investments
] revealed a 13 percent operating income boost to $3.3 billion last year, along with a 3.3 percent jump in revenue and continued net outflows thanks to equity and money market woes.
columnist Mark Jewell, Barron's
, the Boston Globe
, the Boston Herald
, Dow Jones
all reported on the Boston-based mutual fund titan's results.
noted that, by comparison, BlackRock
's operating income climbed seven percent in 2011 to $3.4 billion.
newsletter editor John
that Fidelity "showed deft management by boosting revenue
in the face of a decline in assets under management. Total revenue
rose 3.3 percent to $12.76 billion."
"Income was up, too. It demonstrates the power of making strategic cuts to your balance sheet," Bonnanzio said. "I'm a bit surprised by how good a year they had."
Fidelity's total AUM dipped four percent last year to $1.52 trillion. The firm said it suffered a total of $20.1 billion in net outflows in 2011.
"2011 was an especially difficult year for Fidelity's active equity managers -- and even more so for our peers -- with most funds not
beating their benchmarks for the one-year period," Ronald O'Hanley
Fidelity's president of asset management, wrote in the shareholder report.
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