Fidelity Investments reported strong defined-contribution sales in the small- to midsize plan market in 2011. Sales commitments grew by $6.6 billion, increasing 40%, the company reported Thursday. Additionally, the number of plans with $50 million in assets increased 57% to over 1,400.
“We see tremendous opportunity in this segment as smaller and midsize employers and advisors seek a provider with a leading recordkeeping platform with the flexibility and experience from providing retirement plans to more participants than anyone in the industry,” Jeffrey Lagarce, executive vice president for Fidelity Investments, said in a statement.
Fidelity services 20,000 plans as of Dec. 31, 2011, with over 11 million 401(k) participants.