Fidelity Investments reported that its sales and commitments for the first half of 2014 totaled $37.2 billion in assets under administration, keeping it in its position as the top performer in the industry. It also retained 99 percent of defined contribution business for the same period.
With $1.4 trillion in defined contribution assets under administration, Fidelity increased the number of new client plans by 1,093; those new plans added 661,000 participants and were from companies of all sizes. Many of the companies, the firm reported, were looking for a single provider of additional benefits offerings such as workplace managed accounts, stock plan services and health savings accounts.
The new business, some coming through advisors and some directly, came from all segments of the market, including tax-exempt and not-for-profit, and included firms of all sizes, from one with as few as 29 participants to some clocking in with thousands of participants.
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