Fidelity Investments announced Wednesday it has received commitments for an additional $17 billion in 401(k) assets under management from 269 plans representing 315,000 participants. More than $15 billion of those assets are due to new sales, with the remaining $2 billion the result of mergers and acquisitions by existing clients.
Already for 2012, Fidelity has received sales commitments from plans exceeding $6 billlion.
“We are especially pleased with this year’s first half results, which were driven mainly from brand-new relationships to Fidelity and less from the corporate merger and acquisition activities that helped contribute to the growth in 2010,” said Jeffrey Lagarce, EVP of workplace investing at Fidelity.
“As pressures on employers increase and the regulatory environment grows more complex, plan sponsors are looking for a partner with the experience and expertise they can count on. As a result, we are winning a greater percentage of the opportunities.”
Fidelity said sales have been strong over the past year in all sectors of defined contribution market except for government, with emerging, mid, large and tax-exempt plans turning to the fund giant.
Fidelity serves a total of 14.5 million retirement participants.