Record inflows into US money market funds in 2023 have triggered a multibillion-dollar fee bonanza for the asset management industry, which for years treated the product as a loss-leader.
US money market fund providers - such as Fidelity, Vanguard and Charles Schwab - collectively earned $7.6bn in fees in 2023 as assets passed $6.3tn, according to government figures.
That was more than $1bn higher than in 2022 and a jump of around 35 per cent from 2021, before US interest rates began to rise, according to the data from the Office for Financial Research, a government agency.
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