Mutual fund assets surpassed the $10 trillion mark for the first time, reaching $10.32 billion, data from Bobroff Consulting and Lipper shows.

Fidelity Investments is, once again, the largest fund company in the nation, with $1.1 trillion of assets and a market share of 10.7%. Vanguard is next, with $1.03 trillion of assets and a market share of 10%. Third up is American Funds, with $1.01 trillion in assets and a 9.8% market share. Collectively, the three giants control 30.5% of the industry's assets, and the top 10 companies control 47%-a far greater concentration than in the past, noted Geoff Bobroff, president of Bobroff Consulting.

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