Fidelity parent posts 4.6% rise in operating income

NEW YORK (Reuters) – Fund manager Fidelity’s parent FMR LLC said on Tuesday that operating income rose 4.6% in 2020 as millions of individual customers opened accounts and the company cut expenses in a year of market volatility spurred by the coronavirus pandemic.

For the year, operating income rose to $7.2 billion from $6.9 billion a year earlier, the closely held company said in a shareholder update.

FMR reported revenue of $21 billion, little changed from $20.9 billion a year earlier, while operating expenses fell 2.1% to $13.8 billion.

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