U.S. Money Market Fund Assets Rise to $7.2 Trillion: Growing Concentration Among Major Managers

U.S. Money Market Fund (MMF) assets surged by 39%, rising from $5.2 trillion in November 2022 to $7.2 trillion in November 2024. The share held by the top seven managers grew from 57% (2011–2015 average) to 69% by November 2024. Fidelity (25%), J.P. Morgan (17%), Schwab (16%), and Vanguard (10%) accounted for the bulk of this growth during the two-year period.