Fidelity Investments said operating profit jumped 13% last year as an individual-investing boom and the stock market rally lifted the money-management giant’s revenue to a record.
FMR LLC, Fidelity’s parent company, posted an operating profit of $8.1 billion, up from $7.2 billion in 2020, the firm said Wednesday in its annual shareholder update. It was the sixth straight year of record earnings for the firm, which is held privately and controlled by the Johnson family. Revenue climbed 15% to $24 billion.
Fidelity, long known for its stable of star stock pickers and the mutual funds they manage, has remade itself in recent years as a gateway to Wall Street for millions of individual investors.
The firm has pivoted toward its brokerage, retirement-account and independent-adviser platforms, investments that paid dividends…
