Where Data Tells the Story
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U.S. money market fund (MMF*) assets by manager have surged 59%, rising from $5.2 trillion in December 2022 to a record $8.3 trillion in December 2025. Five major firms—Fidelity ($778B), J.P. Morgan ($487B), Schwab ($411B), Vanguard ($293B), and BlackRock ($251B)—account for 72% ($2.2 trillion) of total MMF asset growth over this period. Their combined share of MMF assets increased from an average of 44% in 2011–2015 to 58% in 2025, highlighting rising market concentration and the expanding influence of large 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.