The American Funds group of Capital Research and Management Co. became the biggest holder of stock and bond fund assets last year, at nearly $847 billion, besting the two long-time leaders, Vanguard Group and Fidelity Investments, according to the Investment Company Institute.
Vanguard was in second place in stock and bond funds, at about $795 billion of assets, the institute said, and Fidelity was third, with $793.5 billion.
American Funds, which has a relatively small money market fund business, remained in third place overall, however.
The fourth- and fifth-place stock and bund fund managers were a long way back, the institute said. They are: Franklin Resources Inc., with nearly $276 billion, and TIAA-CREF, with about $181 billion.
Overall, Fidelity ended the year with $1 trillion of assets under management, Vanguard with $911 billion, and American Funds with about $857 billion.
Legg Mason Inc., which sold its brokerage unit to Citigroup Inc. last year and acquired most of the banking company's asset management business, has said it had nearly $851 billion under management at Dec. 31, but the institute has not yet combined the Legg Mason and Citigroup assets. The Legg Mason total, moreover, may include investment products other than mutual funds.
