Fidelity Investments said Thursday that second-quarter results for its Fidelity Brokerage Co. showed eightfold growth in net new client assets and a 75% increase in trading volume subject to commissions.
Net new client assets, which include sales of both Fidelity and nonproprietary funds, were $23.8 billion in the quarter, up 859% from the $2.5 billion newly sold the year earlier, the Boston fund company said. Client assets under administration grew 28%, to $1.012 trillion. And daily average commissionable trades were 198,722, up 75%.
Ellyn A. McColgan, the brokerage company's president, attributed the results to lower commissions, brokerage platform enhancements, the dropping of mutual fund "loads" and some brokerage fees, and improved trading guarantees that have been adopted in recent months.
