US Fund Management giant Fidelity announced that the number of its online retail investor accounts surged to 4.22 million in the first quarter, up 22 percent from the fourth quarter, while the assets held in online accounts also expanded 22 percent to $328.3 bn, up from $269.2 bn. This means that 37% of Fidelity's accounts are now on-line, while 56% of its assets are held in on-line accounts.
In addition, the firm reported that its online transactions accounted for 84.7 percent of its equity trades in the first quarter, up from 81 percent in the previous quarter. Total average daily trades for the firm grew to 238,312, up from last quarter's 148,487, Fidelity said.
In recent days Fidelity has announced a number of alliances with wireless content delivery operators, including Sprint PCS, Verizon Wireless and Inflightonline.com, the last being an agreement to deliver its wireless trading technology, InstantBroker, to investors via wireless Web phones and in-flight airline service.
The alliance with with Verizon Wireless will deliver
Fidelity InstantBroker SM via Web-enabled wireless
phones. Here is the text of Fidelity's press release:
Fidelity Investments announced that it formed a new alliance with Verizon Wireless, the country's largest wireless carrier, to deliver its InstantBrokerSM, 1 wireless trading service - the first of its kind - to mobile investors via Web-enabled phones. Under the terms of the agreement, Fidelity secures placement on the Online Trading and Finance categories of Verizon Wireless' new Mobile Web service, which launched July 17, 2000.
This summer, Fidelity Brokerage® customers will be able to access real-time watch lists, market indices, stock quotes and other financial information, as well as place eligible stock trades wirelessly via any Verizon Wireless Mobile Web enabled phone. Fidelity will also deliver its customers wireless access to employer-sponsored retirement accounts through Verizon Wireless' new service, marking another industry first by offering wireless 401(k), 403(b) and 457 retirement plan access via Web-enabled digital phones.
"Fidelity is pleased to announce the addition of Verizon Wireless to the growing list of industry leaders who help Fidelity provide access and functionality for mobile investors to manage their financial portfolios," said Joseph G. Ferra, senior vice president, Fidelity Online Brokerage. "Through the Fidelity/Verizon Wireless alliance we will also offer first-time wireless Web phone access to retirement account information, enabling Fidelity brokerage and retirement customers to view their integrated portfolios wirelessly."
Fidelity Brokerage customers who have Fidelity-managed retirement plans and can view their combined portfolios via Fidelity.com and Fidelity NetBenefitsSM are eligible for wireless access to their accounts. InstantBroker, Fidelity's proprietary wireless technology, is currently available via handheld computers, one- and two-way pagers, Web phones and e-mail2 .
"This agreement represents our commitment to introduce a complete range of customized information services for our Mobile Web customers. Fidelity, a premier financial services provider, adds real value to the service, driving users to rely on their wireless phone as an indispensable source of information that follows them anywhere," said Marc Lefar, Verizon Wireless' staff vice president, e-Business, Wireless Internet and Data Services. "Mobile Web users have the ability to completely customize their wireless Internet experience based on their personal interests and needs, so if staying updated about stock prices and conducting wireless trading are critical to a user, they can easily configure their service to quickly access that specific information or capability via their wireless handset."
Verizon Wireless' nationwide Mobile Web service combines the convenience and mobility of wireless communications with popular content from the World Wide Web. The Mobile Web service, which runs on Verizon Wireless' robust and reliable, coast-to-coast CDMA network, gives users access to the Web-based information they want via their wireless handset.
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