Fidelity Investments announced that client assets in its brokerage unit grew 15% during the third quarter. Fidelity Brokerage Co. also increased client accounts by 6% and daily average commissionable trades by 4% from the year earlier.
For the quarter, client accounts totaled 13.7 million; daily average commissionable trades were 170,804; and client assets under administration totaled $1.016 trillion, up from $885 billion a year earlier.
Net new client assets in the quarter, including sales of Fidelity and non-Fidelity mutual funds and individual securities from new and existing clients, fell 65%, to $12.9 billion, from the pace of the year before. But retail net new client assets rose 65%, to $4.7 billion. This gain was offset by a 76% decline in institutional net new client assets, to $8.3 billion, compared with $34 billion in the third quarter of 2003.
Since Jan. 1, Fidelity said, daily average commissionable trades were 198,780, an increase of 60% from the first nine months of 2003. Net new client assets rose 41%, to $68.3 billion, and total client assets under administration were up 15%, to $1.016 trillion, in the nine months.