📈 Top U.S. Asset Managers Drive Money Market Fund Surge to $7.4 Trillion
U.S. Money Market Fund (MMF) assets skyrocketed 41%, climbing from $5.2 trillion in December 2022 to $7.4 trillion by April 2025. Leading the charge, the top five asset managers—Fidelity (+$578B, +59%), J.P. Morgan (+$324B, +76%), Vanguard (+$207B, +43%), Schwab (+$355B, +128%), and BlackRock (+$163B, +36%)—accounted for 75% of the total growth. Market concentration intensified, with their combined share rising from a 2011–2015 average of 44% to 58% by April 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.