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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Advisor-sold 401(k) programs also saw strong advances, with 450 new clients representing almost 100,000 participants and $2.6 billion in assets under management.
"The defined contribution market continues to be highly competitive and clients are increasingly focused on selecting a plan administrative service provider that has the experience and expertise to help them derive maximum value out of their workplace savings plan," said Jeff Lagarce, executive vice president, Workplace Investing, in a statement.
Fidelity has nearly 16 million retirement participants in plans in the United States.
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