Privately held
Fidelity CEO and Chairman Edward “Ned” Johnson III issued a letter to shareholders attributing the growth to distribution operations and performance. Fidelity’s mutual funds outperformed 74% of their peers, the company said, up from 56% the year before.
In addition, total assets under management were $1.5 trillion at the end of 2009, up 21% from the previous year, and assets under administration were $3.2 trillion, a 20% increase.
Last year, Fidelity’s revenue fell nearly 11% to $11.48 billion, even as it cut its workforce from 46,000 to 37,000.