Where Data Tells the Story
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U.S. money market fund (MMF*) assets have surged 49%, rising from $5.2 trillion in December 2022 to a record $7.8 trillion in September 2025. Five leading firms—Fidelity ($688B, 27%), J.P. Morgan ($394B, 17%), Schwab ($384B, 15%), Vanguard ($249B, 10%), and BlackRock ($193B, 8%)—accounted for 75% ($1.91T) of this increase. Their combined share of total MMF assets has climbed from an average of 44% in 2011–2015 to 58% in 2025, highlighting growing market concentration and the rising influence of major 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.