Fidelity Brokerage Co., a unit of the mutual fund giant Fidelity Investments, reported first-quarter results Tuesday that included higher client assets, client accounts, and average daily commissionable trades and a decline in new client assets.
Client assets under administration in the quarter totaled $1.14 trillion, the company said, a 15% increase. Client accounts at March 31 were 14.7 million, up 12%, and daily commissionable trades averaged 243,974, up 7%.
Net new client assets were $30.7 billion in the quarter, down 4% from the year earlier. The decline resulted from several large correspondent client implementations during the period, Fidelity said.
During a quarter when equity markets were weak, Fidelity Brokerage trimmed pricing for trades by certain active traders and gave access to independent research by third parties to all its customers.
