Fidelity Investments' efforts since May to improve, attract more assets and once again become the No. 1 fund company in the nation, seem to be working, Reuters reports. 

Analysts believe the cuts it has made to its index funds, a new advertising campaign showcasing Paul McCartney and its decision to unbundle trading commissions, will improve its image and appeal to Baby Boomers. Fidelity's image has been hurt by an embarrassing probe into lavish gifts bestowed on its traders, while lackluster performance in a number of its funds have prompted many investors to pull assets.

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