Where Data Tells the Story
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U.S. money market fund (MMF*) assets surged 48% from $5.2 trillion in December 2022 to an all-time high of $7.7 trillion in August 2025. Five major managers—Fidelity ($666B, 27%), J.P. Morgan ($387B, 16%), Schwab ($379B, 15%), Vanguard ($242B, 10%), and BlackRock ($192B, 8%)—accounted for 75% ($1.87T) of this increase. Their growing dominance has lifted the group’s combined share of MMF assets from an average of 44% in 2011–2015 to 58% in August 2025, underscoring heightened market concentration.
* 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.