], AUA for its intermediary-support arm rose
18.5 percent last year, while its own asset management AUM rose 15 percent.
Earlier this week the Boston Behemoth released its 2017 "annual shareholder update", a 29-page annual report featuring an introductory letter from Abby Johnson
and updates from the heads of Fidelity's five main business units: asset management (AM), enterprise services (ES), Fidelity institutional (FI), personal investing (PI), and workplace solutions (WS).
FI, which is led by president Mike Durbin
, includes the Fidelity clearing and custody solutions (FCCS) unit led by Sanjiv Mirchandani
. FCCS, in turn, includes Fidelity's RIA custodian and broker-dealer clearing businesses. Durbin writes that FCCS brought in $120 billion of net client asset flows in 2017, its fourth consecutive year of $100-billion-plus of net new client flows. Though Durbin did not reveal total AUA for FCCS, he did note that all of FI ended 2017 with $2.6 trillion in AUA, up 18.5 percent from $2.21 trillion at the end of 2016. (The FCCS part of FI reported $1.67 trillion in AUA at the end of 2016.)
As for AM, Fidelity's discretionary AUM (for its own mutual funds and investment products) climbed 15 percent in 2017 to $2.45 trillion. AM president Charles Morrison
reveals that overall net inflows rose to $24.1 billion in 2017 from $9.3 billion in 2016. On the positive flows side, Fidelity's managed accounts brought in more than $37 billion in net inflows in 2017, and its index mutual funds brought in $23 billion. Meanwhile, Fidelity's active equity funds suffered $47 billion in net outflows, down from $58 billion in net outflows in 2016.
), the Financial Times
, Pensions & Investments
, and the Wall Street Journal
all reported on Fidelity's results, including its record $5.3 billion in operating income.
Neil Anderson, Managing Editor
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