Kraft Foods Added Among 838 Newly Signed Clients; First Half Sales Represent More Than Half a Million New Participants
BOSTON--(BUSINESS WIRE)-- Fidelity Investments®, a leader in helping America's workforce save for retirement1, today reported defined contribution sales commitments representing 522,000 participants, 838 clients and $25.2 billion in assets under administration during the first half of 2012. This represents a 36 percent increase over the $18.5 billion in sales commitments reported in the first half of 2011 and marks one of Fidelity's strongest first half sales periods over the last five years.
Fidelity secured new clients of all sizes and experienced strong sales growth across a wide variety of industries and markets. New defined contribution plans signed during the first half of 2012 include Fortune 500 companies such as Kraft Foods with 51,000 participants, representing $6.2 billion in new assets under administration.
Vendor consolidation continued to drive business in the tax-exempt market leading to sales representing nearly $2.5 billion in assets under administration. Earlier this year, University of Washington selected Fidelity as the MasterAdministratorfor its 27,000-participant retirement program.
Fidelity also saw strong growth among advisor-sold 401(k) plans, adding over 450 new clients representing close to 100,000 participants and $2.6 billion.
"The defined contribution market continues to be highly competitive and clients are increasingly focused on selecting a plan administrative service provider that has the experience and expertise to help them derive maximum value out of their workplace savings plan," said Jeff Lagarce, executive vice president, Workplace Investing, Fidelity Investments. "Because retirement has always been at the core of Fidelity's business, we continue to make substantial investments in our defined contribution business to ensure the best experience for our plan sponsors and their participants with industry leading technology and robust guidance."
In addition to new sales, Fidelity renewed more than $80 billion in business from existing clients in the first half of 2012.
"Fidelity takes tremendous pride in the fact that our existing client base continues to see the value that we bring to our plan sponsors and participants," continued Lagarce. "It is our number one goal to provide the best client experience in the industry."
Fidelity provides a comprehensive guidance offering to its 15.7 million retirement participants with educational guidance needed to help make informed decisions on their retirement planning goals, regardless of their age or life stage. This broad range of investment guidance includes web-based tools, workshops, on-demand webinars, and one-on-one consultations at employer locations or at 170 Fidelity investor centers nationwide2.
About Fidelity Investments
Fidelity Investments is one of the world's largest providers of financial services, with assets under administration of $3.6 trillion, including managed assets of $1.6 trillion, as of June 30, 2012. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.
Source: Fidelity Investments
| Copyright: | Copyright Business Wire 2012 |
| Source: | Business Wire, Inc. |
| Wordcount: | 588 |
07 Aug, 2012
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Source: http://insurancenewsnet.com/article.aspx?id=353134&type=lifehealth
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