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Wednesday, Mar 7, 2012 9:00 PM UTC

Fidelity Investments’ 2011 Profit Rises 13 Percent

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Topics: From the Wires,

BOSTON (AP) — Fidelity Investments says its operating income rose 13 percent in 2011, the third consecutive year of rising profits for the privately held company after a slowdown during the 2008 financial crisis.

Fidelity reported gains in its brokerage and workplace savings businesses. Those improvements helped offset weakness at Fidelity’s mutual fund business, including a 4 percent decline in investment assets that Fidelity manages.

Operating income last year rose to $3.3 billion from nearly $3 billion in 2010. Operating income excludes items such as interest expenses and taxes. Revenue rose 3 percent to nearly $12.76 billion from about $12.35 billion.

The Boston-based company reports limited financial performance data in an annual report released to its private shareholders. Fidelity is the nation’s second-largest mutual fund company, behind Vanguard Group.

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