BOSTON Feb 12 Fidelity Investments, the No. 2
U.S. mutual fund company, said on Wednesday that operating
profit rose 13 percent to $2.6 billion last year as clients
pulled less money from its funds.
Boston-based Fidelity said managed products, including
mutual funds, institutional offerings and funds packaged within
managed accounts, posted net outflows of $1.1 billion for the
year, compared with outflows of $5.3 billion in 2012.
Operating revenue jumped 8 percent to $13.6 billion on
higher asset-based fees and improved brokerage results. But
Fidelity said results were dampened by persistent pricing
pressures and extremely low interest rates.
Fidelity, closely held by the family of Chairman Ned
Johnson, is known for its stable of mutual funds, including the
$100 billion-plus Contrafund.