(Bloomberg) -- Fidelity Investments saw new account openings and trading activity spike in the first three months of the year as retail investors sought to capitalize on surging markets.
The Boston-based firm added 4.1 million new accounts in the first quarter, more than double the year-earlier period, according to a business update issued Wednesday. That figure includes accounts opened by retail investors as well as institutions, and accounts associated with workplace benefits like retirement plans.
Investors 35 years of age or younger opened 1.6 million new retail accounts, more than triple the level from the first quarter of last year.
A frenzy of retail trading during pandemic lockdowns, as the U.S. government took dramatic steps to stimulate the economy, reached a fever pitch early in 2021 with the run-up in popular “meme stocks” like GameStop Corp.
Trading activity rose at Fidelity during the quarter too. Total daily average trades increased to 3.5 million, a 59% gain from the same period a year ago.
Fidelity's total assets under management reached $3.9 trillion in the first quarter.
©2021 Bloomberg L.P.
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