Fidelity Investments says its discretionary assets reached $3.3 trillion as of June 30, up 15% from last year. Its assets under administration jumped 8% to $8.3 trillion.
Trading by Fidelity investors more than doubled from the year-ago quarter, growing 106%, to hit 2.3 million daily average trades (or DATs) in the second quarter. Share volume grew 134% to an average level of 671 million per day, as the equity markets improved from earlier in the year and investors took advantage of more time at home to jump in.
Rival broker Charles Schwab had assets of $4.1 trillion in the second quarter. It is set to merge with TD Ameritrade, which had $1.5 trillion in assets in Q2’20, by year-end.
TD Ameritrade’s DATs were about 3.4 million in the same period, up over 300%, while Schwab’s grew 126% to roughly 1.6 million.
Investors opened close to 1.2 million new retail accounts with Fidelity in the most recent quarter, and 1.6 million households did some planning work with the firm in Q2, up 24% from the prior year.
“New customers came to Fidelity in record numbers in Q2 because they want to work with a company they can count on to deliver expert planning and guidance, “ the firm said in a statement.
The update on Fidelity’s business came a day after trading app Robinhood received $200 million in funding from D1 Capital Partners, putting its valuation at $11.2 billion. It does not disclose its assets but said it had some 13 million users in May.