Fidelity's 2005 had its ups and downs.(Reverse Spin)

Byline: Frederick P. Gabriel Jr. Not bad for a mutual fund company that didn't do such a great job of selling mutual funds last year. Although it lagged rivals in attracting new investors to mutual funds, Boston-based Fidelity Investments said Thursday that its 2005 profit increased by 20%.

The company's net income grew to $1.33 billion last year, the second-largest annual profit ever for the company, from $1.11 billion in 2004. Fidelity's revenue rose 10% to $11.1 billion last year - the highest since 2001's record year - from $10.1 billion in 2004. The company said that funds for which it is an investment manager grew by just $17.4 billion last year, down 46% from the previous year. The total was reduced by the $6.8 billion that flowed...

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