Separate accounts, pooled/commingled funds gaining share of DC assets

Money managers held 39.4% of their U.S. defined contribution assets in mutual funds and exchanged-traded funds at the end of 2022, down from 45.9% in 2017, based on data collected by Pensions & Investments for the annual money manager survey.

Over that period, the share of DC assets held in separate accounts and other pooled/commingled funds grew to 22.7% and 38%, respectively, from 20.4% and 33.7%. Other pooled/commingled funds are primarily collective investment trusts.

The five largest DC managers, representing 60% of 2022's internally managed DC assets, had a range of investment vehicle breakouts. Mutual funds/ETFs were 2% of State Street Global Advisors' DC internally managed AUM, and it was 69% for Fidelity Investments.


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