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The Boston Globe

Business

Fidelity income falls 29 percent due to stock fund outflows, low interest rates, higher expenses

Fidelity Investments said Friday its operating income dropped 29 percent last year, to $2.3 billion, as revenues slipped and expenses rose.

The Boston-based mutual fund giant, in its annual report, said its revenues fell 1 percent to $12.6 billion, despite a year of strong gains in the markets. Chairman Edward C. Johnson III said in his annual letter that revenues were hurt by investors continuing to move out of the firm’s stock funds. He also said “extremely low” interest rates, price pressures and lower trading volumes by customers affected revenues.

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