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Article: $3 billion difference: Vanguard becomes nation's largest mutual fund manager; Fidelity gives up the No. 1 spot after an 11-year reign.(News)(Financial Research Corp. report)
- Article from:
- Pensions & Investments
- Article date:
- October 14, 2002
- Author:
CopyrightCOPYRIGHT 2002 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Dave Kovaleski
Vanguard has squeaked past Fidelity to become the nation's biggest manager of long-term mutual fund assets.
Only $3 billion in non-money market fund assets separate the two powerhouses, according to data from Financial Research Corp., Boston. FRC compiles monthly mutual fund asset reports.
Fidelity Investments, Boston, had reigned since 1991, when it knocked Franklin Resources Inc. out of first place, said Kristin Adamonis, an FRC analyst.
According to FRC, Vanguard Group Inc., Valley Forge, Pa., had $472 billion in mutual fund assets, excluding money markets, through Aug. 31, the most recent period for which ...