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Friday, November 21, 2014

The Ten Biggest Fund Shops Now Control 58 Percent of the Assets

Reported by Neil Anderson, Managing Editor

The ten biggest mutual fund firms have tightened their grip on assets over the past year. They now control 57.9 percent of all mutual fund assets.

That's one tidbit included in the just-released November edition of Cerulli's "U.S. Monthly Product Trends" Edge report.

Of the top ten mutual fund families, six of them increased their market share, and four decreased. On the winning side, Vanguard's [profile] market share on October 31, 2014 stood at 18.5 percent, up 2.2 percent year-over-year. Fidelity's [profile] market share rose 0.1 percent to 10.4 percent. T. Rowe Price [profile] rose 0.2 percent to 3.9 percent. J.P. Morgan [profile] and Dimensional Fund Advisors [profile] each rose 0.1 percent to 2.1 percent. And BlackRock [profile] rose 0.1 percent to 1.9 percent.

On the flip side, Capital Group's American Funds [profile] saw its market share slip 0.1 percent year-over-year to 9.9 percent. Franklin Templeton [profile] fell 0.2 percent to 3.8 percent. Pimco [profile] suffered the biggest drop, 1.5 percent, reaching 3.6 percent on October 31, 2014. And OppenheimerFunds [profile] fell 0.1 percent to 1.7 percent.

As for the ETF side of the business, it remains far more concentrated than the rest of the mutual fund industry, with the top ten controlling a whopping 96.5 percent of total ETF assets under management in the U.S. (That's a slight drop from 97 percent a year ago.) Vanguard's market share, still third place, rose 0.7 percent year-over-year to 21.6 percent on October 31, 2014. First Trust [profile] rose 0.5 percent to 1.6 percent. Guggenheim [profile] rose 0.3 percent to 1.5 percent. And Schwab [profile] rose 0.4 percent to 1.3 percent.

Yet the number one and two ETF shops, and others in the top ten, saw their market share fall year-over-year. BlackRock's iShares [profile] fell 0.9 percent to 39.1 percent on October 31, 2014. State Street Global Advisors profile] fell 1.2 percent to 21.9 percent. Invesco's PowerShares [profile] fell 0.6 percent to 5.1 percent. WisdomTree [profile] fell 0.1 percent to 1.9 percent. ProShares [profile] fell 0.2 percent to 1.4 percent. And Van Eck [profile] fell 0.4 percent to 1.1 percent.

The report also offers a host of data, including: flow numbers by manager and asset class, market share numbers by asset category, popular funds in each category, and more. 

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