As US MMF assets hit new records, so does manager concentration

Fidelity, JP Morgan and Vanguard commanded 40% of holdings as of February

US money market funds’ (MMFs) assets hit a record $3.94 trillion in February, but two-fifths of the market were controlled by just three managers.

Fidelity, JP Morgan and Vanguard together commanded $2.61 trillion in assets as of the end of the month, equivalent to 39.9% of all reporting US MMFs’ assets, up from 37.2% in February 2023 and the highest top-three manager concentration since at least 2011.

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