Fidelity Investments posted record operating profits and revenue for a third-straight year even as a stock-market selloff late last year shrunk the value of the assets it manages for clients.

The Boston-based firm said Thursday that operating income rose 19% to $6.3bn in 2018. Revenue jumped 12% to $20.4bn. A market rout at the end of 2018 helped push assets under management down 1%, to $2.42tn.