Moody’s Investors Service has lowered its outlook on Fidelity Investments from “stable” to “negative.”

“Today’s outlook change reflects the relatively weak performance of Fidelity’s equity funds, which has led to a loss of market share,” said Moody’s Vice President Dagmar Silva.

Vanguard overtook Fidelity as the No. 1 mutual fund company in the nation by assets last year.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.