📈 Top U.S. Asset Managers Drive Money Market Fund Surge to $7.7 Trillion

U.S. money market fund (MMF) assets surged 47% from $5.2 trillion in December 2022 to a record $7.7 trillion by June 2025. Five leading asset managers—Fidelity (+$610B, +63%), Schwab (+$375B, +135%), J.P. Morgan (+$348B, +82%), Vanguard (+$237B, +50%), and BlackRock (+$178B, +39%)—were responsible for 71% of that growth. As a result, market concentration rose sharply: their combined share of MMF assets climbed from a 44% average during 2011–2015 to 57% by mid-2025.

Money market funds, SEC-regulated mutual funds, invest in short-term debt securities from banks, corporations, and governments, offering investors stability and liquidity. Managed by third-party investment firms and custodians, these funds play a critical role in short-term financing.