Fidelity Clearing and Custody Services (FCCS), the clearing and custody businesses of Fidelity Institutional (FI), reported a total $1.67 trillion in client assets on the platform in its 2016 shareholder update.

Sanjiv Mirchandani Fidelity Clearing and Custody Solutions President

Last year, FCCS generated $112.1 billion in net new client flows, marking the third year in a row that the platform raked in over $100 billion in net flows. According to a Fidelity spokesperson, FCCS serviced 3,300 clients and more than 6 million accounts as of December 31, 2016.

Fidelity announced the the alignment of its clearing and custody businesses in February 2015, and 2016 marks the first full year of operation for FCCS. FCCS provides clearing and custody services to RIAs, recordkeepers, B-Ds, banks, and insurance companies.

Fidelity’s managed account program, distributed through Envestnet, represents a key area of growth for FCCS. The managed account program reported $150 billion in client assets—approximately 9 percent of FCCS’ total assets.

The overall FI business reported a total $2.21 trillion in AUA, a record high and up 9.7 percent over 2015, and $575 billion in AUM.

The other businesses under the umbrella of FI include Fidelity Family Office Services, which provides custody, brokerage investment, and reporting services to family offices, wealthy families, and their advisors; Fidelity Institutional Asset Management (FIAM), which serves institutional investors; and Fidelity Capital Markets (FCM), the institutional trading arm of Fidelity Investments. 

Edited by: Katy Golvala


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