Fidelity Investments' clearing services unit has expanded its client roster 129% since 2003, and the company expects to continue adding share as industry consolidation continues.
Norman R. Malo, president of Fidelity's National Financial unit, said it increased its market share from 7% at the end of 2003 to 12% at the end of 2005. Average daily trades grew 312% in this period, he said, and assets rose 146% to $570 billion. Within three years, the Boston company expects its market share will reach 15% to 17% through organic growth. Today, it manages $231.1 billion of clearing assets.