Custodied Assets Increased to Nearly $100 Billion; More Than 475 New Client Firms Joined Fidelity

BOSTON, February 5, 2004 -- Fidelity Investments today reported record growth in its registered investment advisor (RIA) business during 2003. RIA assets increased nearly $40 billion, up 65 percent from January 1, 2003. Net new asset flows of more than $20 billion contributed to the growth. Fidelity now custodies approximately $100 billion¹ in RIA assets.

Fidelity also reported that more than 475 client firms established new custodial relationships with Fidelity, an increase of 30 percent year-over-year. As of December 31, 2003, Fidelity custodied assets for nearly 2,100 advisory firms.

"In an increasingly demanding marketplace, advisors are looking for a stable, trusted custodian who understands their firm's distinct needs and who can help them drive business growth-on their own terms," said Jay Lanigan, president, Fidelity Registered Investment Advisor Group. "For more than a decade, Fidelity has been an advocate for the independent advisor. Advisors are a valuable part of the financial services landscape, and, therefore, we will continue to significantly invest in the technology, products and services they need to grow their business and add value to their client relationships, while maintaining their independence.

"Our growth momentum clearly demonstrates the value advisors see in a Fidelity relationship," continued Lanigan. "While surpassing $100 billion in assets is a significant milestone, when it's all said and done, it is the success of our clients that is a key contributor to our growth."

2003 Product and Service Highlights

Fidelity made significant investments in its RIA platform during 2003. Some of the investments included:

•		Elevated Business Structure -- In early 2003, Fidelity increased its commitment to advisors by restructuring its registered investment advisor business as a stand-alone company on the same level as Fidelity's retail brokerage business.
•		Expanded Relationship Management -- Fidelity added 16 new associates to its sales and relationship management team. The expanded team has allowed Fidelity to further enhance the direct support of its clients.
•		Wealth Management -- Fidelity expanded its platform with the introduction of Separate Account NetworkSM and Fidelity Trustee Services. An open-architecture separate account program, Separate Account Network has attracted more than $1 billion in assets since being launched in April 2003. Fidelity Trustee Services offers independent advisors a flexible approach to managing the sophisticated trust needs of their clients.
•		Technology -- Fidelity launched a series of enhancements to AdvisorCHANNEL, its open technology platform, including new trading capabilities, expanded third-party interfaces and increased technology training. Fidelity also introduced a SQL Server version to meet the needs of large-scale advisors.
•		Practice Management -- Fidelity introduced its BestPractices regional conferences. Through seven events, Fidelity brought together experienced industry professionals to provide advisors with insights into key practice management and wealth management issues, as well as offer some practical, actionable strategies.

"The needs of high-net-worth investors are becoming more sophisticated and complex. In response, many advisors are evolving their businesses to offer broader wealth management services, causing several distinct practice models to emerge," said Lanigan. "Working closely with advisors - from wealth managers to direct instrument money managers - we are investing in new capabilities, such as trust services and prime brokerage, to meet the evolving needs of our clients, no matter their practice model."

About Fidelity Registered Investment Advisor Group

Fidelity is the second largest provider of custody and brokerage services to the registered investment advisor marketplace, with $99.6 billion in assets on behalf of nearly 2,100 advisors as of December 31, 2003. Fidelity provides access to a flexible, open technology environment, extensive practice management resources, and wealth management investments and services--all backed by the long-term commitment of a private company. Dedicated relationship professionals work consultatively to help advisors choose the products and services that are in the best interests of their clients and make the most sense for their business. For more information about Fidelity's services for advisors, please visit http://ria.fidelity.com.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.8 trillion, including managed assets of $988.3 billion as of December 31, 2003. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 18 million individuals and institutions as well as through 5,500 financial intermediaries. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. For more information about Fidelity Investments, visit www.Fidelity.com.

¹$99.6 billion as of December 31, 2003.

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