📈 Top U.S. Asset Managers Push Money Market Funds to Record $7.5 Trillion

U.S. money market fund (MMF*) assets jumped 45%, from $5.2 trillion in December 2022 to a record $7.5 trillion by July 2025. Five major managers—Fidelity ($630B, 27%), Schwab ($371B, 16%), J.P. Morgan ($369B, 16%), Vanguard ($228B, 10%), and BlackRock ($175B, 8%)—accounted for 76% ($1.8T) of that growth. Their dominance raised market concentration, with the group’s combined share of MMF assets climbing from an average 44% in 2011–2015 to 58% in July 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.