Although its asset management division is still king, the brokerage unit of
Fidelity Brokerage Co. reported that total client assets under administration last year were $1.4 trillion, an increase of 23% from $1 trillion in 2004. By comparison, Fidelity's core asset management unit grew by about 9% to $1.2 trillion in 2005.
"Customers responded to our series of initiatives to deliver lower-cost mutual funds and annuities, to enhance our sophisticated trading and clearing technology, and provide greater product and pricing transparency," said Ellyn A. McClogan, president, Fidelity Brokerage, in a statement.
Daily average commissionable trades were 275,075, up 23% from the fourth quarter of 2004. Total client accounts in the fourth quarter were 16.6 million, up 16% versus the same period a year ago.
The brokerage unit's key competitors are
