According to Morningstar, money market funds globally took in US$1.1 trillion ($1.47 trillion) in 2023, far outpacing any long-term asset class in flow terms. Total assets reached a record US$7.7 trillion.
Outside of the US, BlackRock and its affiliate iShares held more than US$1 trillion in passive assets as at end-2023, Morningstar says. Xtrackers had strong flows into its US and global equity beta strategies, while Credit Suisse shrank on an organic basis.
For actively managed funds, American Funds (a unit of the Capital Group) remains in top spot with 8% of market share, followed by Fidelity and Vanguard, each with a 5% share, and JP Morgan and T Rowe Price, each with a 3% share. Only JP Morgan, Pimco and Dimensional enjoyed inflows among the 10 largest groups of active managers, Morningstar says, adding that just 33% of worldwide actively managed assets are held by the top 10 managers.
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