Record keepers dominate
Money managers with affiliated record-keeping businesses that serve as a distribution platform for their funds control the vast majority of the TDF market.
These firms — such as Fidelity, Vanguard and T. Rowe Price, the three largest providers — hold 85% of TDF assets, despite offering just 49% of the funds available on the market.
And that market share is increasing — it’s up from 83% in 2015.
