Earnings Rise by 12% in 2003, Fidelity Reports
Fidelity Investments, the largest U.S. mutual fund company, said earnings rose 12% in 2003, as the Wall Street rally bolstered assets and revenue.
Profit at FMR Corp., Fidelity’s Boston-based parent, rose to $907.5 million from $808.2 million in 2002, the company said in its annual report. Revenue increased 3.2% to $9.2 billion.
Assets under management grew 22% as stock and bond sales tripled and the Standard & Poor’s 500 index gained 26%. Fidelity has so far avoided being named by state or federal regulators who have filed complaints against more than a dozen companies and individuals for illegal mutual fund trading.
Fidelity’s profit didn’t reach the level of two years ago, when the closely held firm earned $1.3 billion on revenue of $9.8 billion.
Customers added a net $31.4 billion to its stock and bond funds, up from $12.1 billion in 2002, the company reported.
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