Mutual Fund giant Fidelity Investments said on Monday that its net income plummeted 39% last year amid a rocky investment climate and suffering retirement accounts.

Profits for the privately held firm fell from $1.32 billion in 2001, to $808.2 million last year. Total revenue dropped 9% to $8.9 billion, while mutual fund accounts increased by 3.2 million to 54.6 million accounts. However, average assets under management slumped by 7%, falling to $819.9 billion in 2002.

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