U.S. mutual fund assets surpass $10 trillion
U.S. mutual fund assets passed the $10-trillion mark for the first time in the third quarter, with Fidelity Investments, Vanguard Group and American Funds controlling almost a third of all retail accounts, a report said.
U.S. industry assets rose 3.9% to $10.32 trillion, according to an analysis by Bobroff Consulting Inc. of East Greenwich, R.I.
New deposits and stock market gains allowed Vanguard and American to join Fidelity as the only firms with more than $1 trillion under management.
The three companies manage more than 30% of U.S. fund assets, the most since Bobroff began compiling the statistics in 1999.
Fidelity held a 10.7% market share, followed by Vanguard at 10% and Los Angeles-based American at 9.8%.
The figures analyzed by Bobroff include stock, bond and money market assets in mutual funds and annuity accounts.
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