Feb. 12 (Bloomberg) — Fidelity Investments, the second-largest U.S. mutual fund company, reported a 13 percent increase in operating income last year as the rally in equities boosted assets.

Earnings, excluding costs such as interest and taxes, increased to $2.6 billion from $2.3 billion in 2012, the Boston- based company said today in its annual report to shareholders. Revenue climbed 7.9 percent to $13.6 billion.

"Higher customer asset levels coupled with product, service, and productivity enhancements resulted in impressive performance for Fidelity," Edward C. Johnson III, chairman and chief executive officer, said in the statement.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.