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The Boston Globe

Business

Fidelity income drops 29 percent

Mutual fund giant Fidelity Investments said its operating income dropped 29 percent last year as revenues slipped and expenses rose.

In its annual report released Friday, the Boston investment firm said operating earnings declined to $2.3 billion in 2012. It said revenues fell 1 percent, to $12.6 billion, despite a year of strong gains in the markets.

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