US mutual fund assets exceeded $10 trillion for the first time during the third quarter, reported Bloomberg News.
As of 30 September, U.S. industry assets rose 3.9 percent equaling $10.32 trillion, says an analysis by Bobroff Consulting Inc.
Fidelity Investments, Vanguard Group and American Funds controlled more than 30 percent of the assets, the most since Bobroff started compiling statistics eight years ago. Each of the three firms manages more than $1 trillion.
“We’re seeing a far greater concentration,” adds consultant Geoff Bobroff. “The 10 largest managers have a 47 percent market share, and the top 60 manage 91 percent of the industry’s assets.”
Fidelity saw a 10.7 percent market share, Vanguard 10 percent and American followed with 9.8 percent.
The latest survey shows fund assets rose 14 percent from the $9.05 trillion in September of last year.