Fidelity Investments, the world's third-largest asset manager, reported a record year, with assets in its funds rising by more than $1 trillion and revenue jumping 15% since 2024.
Assets under management, which are held in Fidelity's own investment funds and managed accounts, hit $7.1 trillion in 2025 from $5.9 trillion the prior year, the Boston-based firm said Monday in its annual report. Revenue jumped to a record $37.7 billion. Fidelity now manages and administers $18 trillion across different businesses.
The asset manager's results were boosted by a strong stock market and higher interest rates, the firm said.
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Fidelity is preparing for its "next wave of growth" by launching new tools, including adding electronic fund transfers through Stripe, CEO and Chair Abigail Johnson said in the report. The firm was an early crypto adopter and enhanced its offerings this year by launching Fidelity Crypto for individual retirement accounts, she said in the letter.
Fidelity has a number of adjacent revenue-generating businesses outside asset management, including brokerage services as well as health recordkeeping and administration for 401(k)s. This diversification has helped the firm counteract the struggles that have plagued active asset managers, including outflows and squeezed margins as investors gravitate to lower-cost index funds.
During Johnson's more than 10 years atop the firm, Fidelity has expanded its offerings in alternative assets, including by
