PROVIDENCE – Fidelity Investments Inc. grew its assets by $146 billion in 2021, helping 1,900 business clients add more than 2,100 offerings to their retirement benefit programs, according to a news release.
The asset growth reflects new 401(k), 403(b), company stock and defined benefits plans, as well as other benefits such as health savings accounts, student debt repayment and workplace giving programs for new and existing clients, the release stated.
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Defined contribution plans, including 401(k) and 403(b) plans, grew by $90 billion in sales, while stock plans services added $36.7 billion in assets across more than 100 new clients.
Health savings accounts, student debt repayment and workplace giving programs also grew by more than 400 clients.
The growth in clients and assets reflects growing demand among employers for benefits providers with high levels of service and support amid the challenges of the pandemic, according to Fidelity. Other factors for its growth include technology enhancements such as cybersecurity, cloud computing and artificial intelligence and its range of services and products fitting for employees at all stages of life, the release stated.
As of Nov. 30, Fidelity had reported $11.5 trillion in assets under administration and managed 22,500 business employee benefit programs.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
