Concentration is increasing
The 10 largest TDF providers control more than 90% of the assets. To be exact, only 7.7% of assets are held by firms outside the top 10.
The top five — Vanguard Group, Fidelity Investments, T. Rowe Price, BlackRock Inc. and American Funds — have the lion’s share, with 78%. And that share is growing — it’s up 1.5 percentage points in three years.
