Vanguard Group's defined contribution assets under management have crossed the $1 trillion mark, according to preliminary data compiled by Pensions & Investments based on AUM information provided by investment managers.
The total of $1.14 trillion as of year-end 2017 makes Vanguard the first manager of DC assets to exceed $1 trillion. Of that total figure, $998.7 billion is internally managed.
"Vanguard's defined contribution business has grown tremendously over the past decade, driven by plan sponsors seeking low-cost, high-quality investments for their participants and a trusted record-keeping partner to provide the tools, resources and support needed to effectively manage their plans," said Martha King, managing director and head of the Vanguard institutional investor group, said in an email.
Vanguard's DC assets under management in 2016 totaled $903.6 billion. Vanguard has been the largest manager of DC assets since year-end 2013 when it dethroned Fidelity Investments.
