Updated March 29 at 12:29am

Fidelity now second in 401(k) funds managed

Boston-based Fidelity Investments fell behind Vanguard Group Inc. for most money managed in 401(k)-style retirement plans last year, Bloomberg News reported More

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Fidelity now second in 401(k) funds managed

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Boston-based Fidelity Investments fell behind Vanguard Group Inc. for most money managed in 401(k)-style retirement plans last year, Bloomberg News reported

Vanguard had $613.5 billion in defined-contribution assets as of Dec. 31, compared with $612.4 billion for longtime leader Fidelity, according to Pensions & Investments, a trade publication. In 2013, Fidelity, which has a campus in Smithfield and offices in Providence, managed $523.9 billion, while Vanguard had $479.6 billion.

Both companies saw their assets swell as the Standard & Poor’s 500 Index last year returned 32 percent, including reinvested dividends.

Fidelity remains the leader in 401(k)-type record-keeping assets with about $1.4 trillion as of March 31. Record keepers administer the accounts, including sending out statements and operating participant websites.

Fidelity spokesman Michael Shamrell declined to comment on the rankings. •

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