US mutual funds top $10 trillion

25 October 2006

The total value of assets in US mutual funds has surpassed $10 trillion for the first time in the industry's history, a newly published report has revealed.

In the third quarter, top mutual funds including Fidelity Investments and Vanguard Group are now worth over $1 trillion each, according to a report from Bobroff Consulting, pushing the US mutual fund industry over the $10 trillion mark.

The analysis also revealed how top-heavy the industry has become, with the top three mutual funds controlling some 30 per cent of the total assets, and the ten largest managing nearly half (47 per cent) of the entire industry's assets.

Fidelity was ranked as the largest mutual fund, with a 10.7 per cent share, followed by Vanguard and American Funds in second and third.

Bobroff included stock, bond and money-market assets under the control of mutual funds and annuity accounts in their figures, excluding money managed by institutions.

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