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Fidelity's operating profit surged nearly 20 pct in 2016
February 16, 2017 / 4:41 PM / 8 months ago

Fidelity's operating profit surged nearly 20 pct in 2016

BOSTON, Feb 16 (Reuters) - Fidelity Investments said on Thursday its financial services operating profit rose 19.5 percent to $3.5 billion in 2016, despite massive withdrawals of investor money from its actively managed stock funds.

Boston-based Fidelity, which is controlled by the family of Chairman Abigail Johnson, said 2016 revenue was $15.9 billion, an increase of 3.4 percent over 2015.

Fidelity’s actively managed equity mutual funds saw $57.7 billion in net outflows during the year. These outflows were offset by $19.1 billion of flows into managed account products, $22.6 billion of flows into money market funds, and $16.1 billion of flows into Fidelity index funds. (Reporting By Tim McLaughlin; Editing by Chizu Nomiyama)

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