Fidelity reports rising demand for managed accounts
By Paula Aven Gladych
Demand for managed accounts in workplace retirement plans is on the rise.
Fidelity Investments saw a 24 percent increase in the number of plan sponsors interested in its managed account offering and a 57 percent increase in plan enrollees in 2012.
Fidelity Portfolio Advisory Service at Work added 440 new plan sponsors in 2012, representing 484 new plans and 486,000 new participants. That brought the division’s total assets to $110 billion.
Enrolled participants grew by 57 percent to 63,000, and assets under management grew by 50 percent to $4.7 billion.
Fidelity has had a great first quarter as well, signing on 135 new clients with about 217,000 new eligible participants and $5.4 billion in assets.
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $4.1 trillion, including managed assets of $1.7 trillion as of March 31.
Originally published on BenefitsPro.com