December 08, 2016 12:00 AM

Vanguard still king in prime money market

With $104.7 billion in assets under management, Vanguard Group remains the largest provider of prime money market funds after the SEC’s money market reforms went into effect in October. Since the announcement, the manager lost $26.3 billion, most of which moved into its Federal Money Market fund, while Charles Schwab emerged with a more significant market share, with $79.4 billion in AUM. Their move up in the rankings was more of a function of having the least assets depart their prime offerings relative to their counterparts.

J.P. Morgan Asset Management had the most money flow out of its prime money market funds, losing $107 billion in assets. The manager still holds the second-highest market share by assets in money market funds with $254 billion in assets, the majority of which are in its U.S. Government fund. Fidelity Investments is the top manager of money market funds with $455 billion in assets as of Oct. 31.