The Los Angeles-based shop reported $847 billion worth of bonds and stocks, according to information cited from the
The shuffle comes as no surprise, as American Funds have been the top-sellers since 2001. When money market funds are included, however, Fidelity remains No. 1, with $1.01 trillion in assets.
American maintains fewer funds than its competitors, too. At the end of 2005, American had 31 funds, compared to Fidelity's 329 distinct offerings and Vanguard's 103 funds, according to a previous account in The Financial Times.
"Our goal has never been to be the largest fund family," Chuck Freadhoff, a spokesman for American's parent company, the privately held
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.