Fidelity Reports $22B in Defined Contribution Sales
BOSTON, MA, August 11, 2010 -- Fidelity Investments, a leading service provider of employer benefits, today reported it has received new defined contribution (DC) commitments representing nearly 400,000 participants and $22 billion in assets under administration in the first half of 2010.
"This has been one of Fidelity's strongest DC sales periods since 2005," said Jeffrey Lagarce, executive vice president, Workplace Investing, Fidelity Investments. "Employers are increasingly turning to Fidelity for the experience and insights that come from providing retirement services to more working Americans than any other provider in the industry."
Fidelity reinforced its industry-leading position winning new business across employers of all sizes and industries. New defined contribution plans signed during the first half include Fortune 500 companies such as Halliburton with 33,500 participants and mid-size companies such as Southwire, Oldcastle, and NetSuite.
Fidelity also reported very strong sales in the tax-exempt market during the first half of the year. The company built on its No. 1 market position in the health care industry by signing on several leading health care institutions such as Tufts Health Plan as a new client.
"The economy and 403(b) regulation changes have caused many higher education and health care plan sponsors to re-evaluate their recordkeeping, plan design and compliance needs," said John Ragnoni, executive vice president, Tax Exempt, Fidelity Investments. "We're seeing many tax-exempt employers seek Fidelity's counsel and services as the industry retirement leader. They come to us for the guidance and the breadth of services we offer to them as sponsors and fiduciaries, and for the guidance we offer to their employees to help prepare them for retirement and improve their overall financial security."
Fidelity provides benefit services to nearly 16,000 employers and 20,000 plans representing over 20 million participants. Fidelity offers one of the most comprehensive benefits offerings in the industry for employers, including record-keeping of defined contribution, defined benefit, health & welfare, health savings accounts, stock plan services and benefits consulting.
*Guidance provided by Fidelity is educational in nature, is not individualized and is not intended to serve as the primary or sole basis for investment or tax-planning decisions.
About Fidelity Investments
Fidelity Investments is one of the world's largest providers of financial services, with assets under administration of over $3.1 trillion, including managed assets of $1.4 trillion, as of June 30, 2010. 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.
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