Assets under administration at Fidelity increased 42.6% on a year-over-year basis in the first quarter to $10.4 trillion, the company said in a release.
The investment giant also saw a wave of younger new clients, with 1.6 million accounts out of the 4.1 million total number of retail accounts opened across Fidelity in the first quarter — up 156.3% compared to the first quarter of 2020 — being accounted for by investors 35 years old or younger. The increase in the number of younger investors was 223%, the company said.
Fidelity’s total number of accounts in the first quarter were 83.4 million, up 12.1% compared to the comparable period a year ago, and of those, 9.7 million were with Fidelity Institutional. Of those, 400,000 were net new accounts.
How this fund firm’s investors have never paid capital gains distributions
As our second lead editor, Cindy Hamilton covers health, fitness and other wellness topics. She is also instrumental in making sure the content on the site is clear and accurate for our readers. Cindy received a BA and an MA from NYU.