Fidelity slid in net new inflows rankings for January, according to Financial Research Corp. Fidelity's net new client investments in its stock and bond mutual funds fell from fourth place to seventh place in January, or a 77% decline to $1.24 billion from the $5.3 billion it received in January 2004.
While fund companies such as PIMCO, T. Rowe Price and Dodge & Cox overtook Fidelity in January, Fidelity's fall was mirrored by the fund industry as a whole. Overall, net new inflows plunged to $20.2 billion in January from $48.6 billion in the year-ago period.
American Funds, the industry leader, which saw a 24% decline in new money, had six of the month's 10 best-selling mutual funds. Fidelity had only one. Putnam Investments continued to struggle, with net outflows for January standing at $2.47 billion.
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