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Article: FIDELITY RIDES MARKET REBOUND '03 PROFIT JUMPS 12%, HELPED BY COST CUTS WINNING YEAR FOR FIDELITY
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- February 24, 2004
- Author:
CopyrightCopyright 2004 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Fidelity Investments' earnings climbed 12 percent last year, to
$908 million, as the stock market rebounded and the mutual fund giant
cut costs.
The Boston investment company squeezed its double-digit profit
increase out of a 3 percent revenue gain, as total sales grew to $9.2
billion. The firm benefited from investors rushing back into stock
funds, which accounted for $17.4 billion in net new cash, according
to Fidelity's annual report, released yesterday. Total assets jumped
22 percent, to $988.3 billion, thanks in part to rising markets.
Other investment firms were similarly challenged on the revenue
front. Charles Schwab Corp., one of Fidelity's chief rivals, posted
flat revenues of $4.1 ...