Fidelity slid in net new inflows rankings for January, according to Financial Research Corporation. Boston-based Fidelity's net new client investment 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.