U.S. Money Market Funds: Assets by Managers

• Share of total U.S. MMF by seven major managers rose from 57% (2011-2015] to 68% (Q1 2024].

• Fidelity, J.P. Morgan, Vanguard, and Schwab drove most of the increase (Q3 2022 – Q1 2024).

U.S. money market fund assets (MMF) more than doubled since 2018, with more than half contributed to by major players Fidelity, J.P. Morgan, Vanguard, and Charles Schwab. According to the Office of Financial Research (OFR), MMF fluctuated around $3 trillion from 2010 to mid-2017. MMF began to grow from late 2017 and reached $4 trillion by the end of 2019, sharply rising to $5.3 trillion by May 2020. From mid-2020 to mid-2022, MMF oscillated around $5 trillion. Finally, MMF increased from $5 trillion in mid-2022 to $6.5 trillion in the first quarter of 2024.

The role of major fund managers has become increasingly prominent in MMF since 2016, particularly since the fourth quarter of 2022. Seven major fund managers (Fidelity, J.P. Morgan, Vanguard, Charles Schwab, BlackRock, Federated Hermes, and Goldman Sachs) have increased their share of total MMF from around 57% from 2011 to 2015 to 68% in the first quarter of 2024. Fidelity was the largest player in MMF with $1.34 trillion (20.6% of the total) in the first quarter of 2024, followed by J.P. Morgan with $658 billion, Vanguard with $612 billion, and Charles Schwab and BlackRock, each with around $500 billion. Fidelity, J.P. Morgan, Vanguard, and Charles Schwab accounted for nearly 80% of the increase in MMF from the third quarter of 2022 to the first quarter of 2024, while BlackRock and Goldman Sachs did not have a significant share.