Fidelity Brokerage Group is thriving in the shadows of the nation's largest mutual fund company.

The group - consisting of five units that provide soup-to-nuts investment services to a mostly institutional clientele - is growing rapidly. Assets under administration recently topped $200 billion, up from $35 billion in 1990 - and that's not counting discount retail brokerage, which operates as a separate arm of parent FMR Corp.

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