Fidelity Investments announced that 1998 was its best year ever in the 401(k) business, as it was selected to provide full-service retirement plans for about 1,200 new clients.
In all, Fidelity says it added more than 700,000 new plan participants in 1998. The firm's assets under management in 401(k) plans increased to $183 billion through Dec. 4, up from $151.8 billion at the end of 1997. Total administered assets in 401(k) plans were $325.6 billion, as of Dec. 4, compared with $266.1 billion at the end of 1997.
Fidelity predicts that at year-end 1998, it will administer nearly 5,700 full-service 401(k) plans in the U.S. The fastest growth in 1998 came in the firm's services to small business, where 1,120 firms hired Fidelity.