MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, March 11, 2011 Fidelity's Income Rises Despite 'Disappointing' Withdrawals The overall picture for Fidelity Investments [see profile] 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." Printed from: MFWire.com/story.asp?s=36245 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |