Fidelity Investments reported net profit of $1.3 billion in 2005, up 20% from $1.1 billion in 2004. It was the second-most profitable year in the firm's 60-year history. Funds that Fidelity manages fell 46% to $17.4 billion, primarily due to net outflows of $6.8 billion. However, funds for which Fidelity acts as a custodian in brokerage and retirement accounts rose 17%, helping to boost Fidelity's total assets by 9%, to $1.2 trillion.
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