Fidelity Widens Its Lead in Cash Business by Adding $50 Billion
- Inflows help provider grow to 20% of the money-market category
- Overlooked segment has outperformed many stock and bond funds
Photographer: Nicholas Pfos/Boston Globe via Getty Images
This article is for subscribers only.
Fidelity Investments is dominating a business that is thriving even as stocks and bonds struggle.
Fidelity’s money-market assets grew to $629 billion as of Oct. 31 -- nearly twice as much as its closest rival, Vanguard Group, according to Crane Data LLC. The Boston-based fund company has added more than $50 billion this year, mostly from inflows.