Fidelity Investments has been enjoying a very strong year in the defined contribution market, with more than $25 billion in sales so far – a 36 percent increase from last year's first half.
On Tuesday, the company reported DC sales commitments representing 522,000 participants and 838 clients, the largest of which include Fortune 500 companies such as Kraft Foods, which signed on with 51,000 participants and $6.2 billion in new assets under administration.
Further consolidation in the tax-exempt 403(b) market also saw sales that led to $2.5 billion in new assets under administration, including deals with entities such as the University of Washington, adding 27,000 members of its retirement program.
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