Fidelity Investments reported a 12% increase in net income for 2003 thanks to cost-cutting measures and a replenished stock market, the firm said on Monday.
The firms profits jumped $100 million from 2002 totals, to $908 million in 2003, Reuters reports. Assets under management neared the $1 trillion mark, at $988.3 billion, a 22% increase from a year earlier.
Boston-based Fidelity announced the numbers in a letter to shareholders. However, the news was not all good. Chairman Edward Johnson said that while 64% of the companys funds bested their peers in 2003, that number still represents a 5% drop from the 69% it showed in 2002.
Additionally, an increase in outsourcing, including administrative tasks that many smaller companies have shifted to Fidelity for cost-cutting purposes, helped the companys total revenue rise 3% to $9.2 billion.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.