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 firm’s 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.

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