From the December 2006 issue of Research Magazine • Subscribe!

Funds Surpass $10 Trillion; Top Players Have 47%

According to Lipper data compiled by Bobroff Consulting of East Greenwich, R.I., the fund industry has passed the $10 trillion mark, with the largest players continuing to dominate the playing field.

Open-end mutual funds managed by the top 30 players totaled $6.9 trillion as of Sept. 30, while the largest 60 players had $8.1 trillion in open-end funds. Overall, the industry had $8.94 trillion of assets in open-end funds.

When closed-end funds and funds tied to variable insurance contracts are included, though, this figure jumps to $10.32 trillion. The top 30 players manage more than 75 percent of these assets, and the top 60 players control nearly 91 percent.

Fidelity and Vanguard top the charts with market shares of nearly 11 percent and 10 percent respectively. American Funds comes in a close third at 9.8 percent. (See chart).

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As of Nov. 1, investors can obtain "personal returns" for stock and fund investments on Morningstar.com. The free feature is part of Morningstar's online Portfolio Manager service.

This comes on the heels of the Chicago-based research group's introduction of Morningstar Investor Return, which estimates the return earned collectively by all investors in an open-end mutual fund or an exchange-traded fund.

Also new to Morningstar's Portfolio Manager are multiple benchmark indexes and customizable performance periods.

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The Vanguard Group has filed a registration statement with the U.S. Securities and Exchange Commission to offer institutional investors the Vanguard Structured Large-Cap Value Fund; it currently sells three structured-equity portfolios.

The new fund will seek to outperform the Russell 1000 Value Index. The Vanguard Quantitative Equity Group will oversee the fund.

The Vanguard Structured Large-Cap Value Fund will offer both institutional and institutional-plus shares with investment minimums of $5 million and $200 million and expense ratios of 0.25 percent and 0.15 percent respectively.

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