After months of chipping away at the nation's biggest fund company, American Funds finally surpassed Fidelity Investments as the second-largest U.S. fund group in March, according to data from Financial Research Corp released last Wednesday.

With more than $671.8 billion in assets under management, American Funds has pulled ahead of Fidelity of more than $4 billion. FRC's monthly fund flow estimates also showed that among the top five fund shops, only the fourth-largest fund complex, Franklin Templeton Investments and PIMCO, No. 5, had greater net flows in March 2005 than they had in the entire first quarter of 2004.

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