Fidelity of the US reported that total client assets under administration reached a record $325 billion, up more than 50 per cent from the prior year.

The Boston-based firm is the largest mutual fund manager in the world with managed assets of more than $1.5 trillion as of 30 September this year.

Fidelity said its client assets have increased at a compound annual growth rate of 40 per cent over the past five years.

The firm says it has targeted advisors in the US who manage trusts and require custody services.

Recently the firm renamed its Registered Investment Advisor Group to Institutional Wealth Services to reflect the “evolving role trust institutions and third party administrators also play in meeting the wealth management needs of investors,” the firm said in a statement.

Fidelity Investments also reported total brokerage client assets reached $1.96 trillion, a 24 per cent increase from one year ago.