Fidelity Investments’ profits double

BOSTON — Fidelity Investments reported that its net income had doubled last year.
In its annual report Fidelity announced that the company’s fees paid by its customers
helped drive up revenue by 2.5 percent to $11.1 billion. Customers paid fees by
trading stocks through their accounts and mutual fund purchases. On the down side
Fidelity reported that total assets managed at Fidelity declined 3.7 percent to
$919.8 billion after having reached the $1 trillion mark early in 2000. Meanwhile
assets in Fidelity’s mutual fund group dropped 3 percent to $339.5 billion. Additions
to mutual funds fell off to $11.5 billion last year after growing by $40 billion
1999.