Financial Services Industry
Industry: Email Alert RSS FeedFidelity's online brokerage cannibalizing its fund biz.
Investment News, March, 2000 by Gabriel Jr., Frederick P.
Trend worries industry as investors switch to stocks Fidelity Investments likes to boast that assets in its online brokerage soared more than 100% in 1999 but it fails to mention that part of the growth came at the expense of its mutual fund business. North Hampton, N.H.-based Alpha Equity Research concludes that Fidelity lost $2 billion of mutual fund assets to its brokerage business during the first seven months of 1999.
From August through the end of last month, a period in which Fidelity began aggressively promoting its brokerage business, that figure ballooned to $20 billion, says Alpha. AN INDUSTRY PROBLEM The trend at the country's biggest mutual fund company underscores a problem for the industry Net sales of long-term funds...
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