Where Data Tells the Story
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U.S. money market fund (MMF*) assets have surged 52%, climbing from $5.2 trillion in December 2022 to a record $7.9 trillion in October 2025. Five major firms—Fidelity ($679B, 25%), J.P. Morgan ($409B, 15%), Schwab ($399B, 15%), Vanguard ($260B, 10%), and BlackRock ($205B, 8%)—account for 72% ($1.95T) of this growth. Their combined share of total MMF assets has risen from an average of 44% in 2011–2015 to 58% in 2025, underscoring increasing market concentration and the expanding influence of top asset managers in short-term liquidity markets.
* Money market funds (MMFs) are SEC-regulated mutual funds that invest in short-term debt securities issued by banks, corporations, and governments. They provide investors with liquidity and capital stability while serving as a key funding source in money markets.