Fidelity Investments reported strong growth in 2011 in defined contribution sales commitments in the small- to mid-market, representing assets of $6.6 billion. This was a 40 percent increase over the previous year.
The number of plans sold with $50 million in retirement assets or less reached more than 1,400, a 57 percent jump over the same period last year.
“We see tremendous opportunity in this segment as smaller and mid-sized employers and advisors seek a provider with a leading recordkeeping platform with the flexibility and experience from providing retirement plans to more participants than anyone in the industry,” said Jeffrey Lagarce, executive vice president of Fidelity Investments. “We offer plan sponsors and advisors recordkeeping expertise combined with superior service levels and a growing fund network.”
Fidelity services approximately 11.6 million 401(k) participants in 20,000 plans working with both plan sponsors and nearly 3,000 financial advisors.
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.5 trillion, including managed assets of $1.6 trillion, as of Jan. 31, 2012.