A year after Vanguard took over as the largest manager of mutual funds for defined contribution plans, the manager significantly widened its advantage, according to Pensions & Investments' latest survey.
The 25 largest managers of defined contribution mutual fund assets reported an aggregate of $1.988 trillion in proprietary-fund assets for the year ended June 30, a 17.8% increase from the $1.688 trillion a year earlier, according to the latest survey by Pensions & Investments.
The 25 money managers with the most defined contribution mutual fund assets reported a combined total of $1.606 trillion as of Dec. 31, 2010, up 17% from the year before, according to Pensions & Investments’ annual survey. It was the second year in a row of solid gains, following a 28% rebound in 2009 from the 27% plunge the year before.
The largest managers of mutual funds most used in defined contribution plans saw their boats floated in 2009 by a rising equity tide and resilient flows into products such as target-date retirement funds.