Only a few years ago, the top three fund families in the U.S. were nearly identical in size. Not any more. With about $2.3 trillion in assets, Vanguard is now nearly as large as its next two competitors combined: Fidelity Investments and American Funds. Over the past three years, Vanguard has grown steadily while both Fidelity Investments and American Funds have experienced net outflows.

Fund managers must now consider two key questions: Will Vanguard further dominate the mutual fund and ETF industries? And, if so, is that good for the industry?

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