New products help Fidelity Investments parent boost 2018 profit

 New products help Fidelity Investments parent boost 2018 profit

BOSTON (Reuters) - Fidelity Investments parent FMR LCC said its 2018 operating profit rose 18.6 percent to $6.3 billion as new products like no-fee index funds helped the Boston mutual fund firm counter falling markets that reduced its total assets.

Fidelity reported revenue of $20.4 billion, up 11.5 percent from the prior year, even as assets under management fell 1 percent to $2.42 trillion, according to an annual report sent on Thursday by a spokesman for the closely-held company.

(Reporting by Ross Kerber; Editing by Chizu Nomiyama)

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Updated Date: Feb 22, 2019 01:05:57 IST