WASHINGTON (Reuters) - The Vanguard Group topped $4 trillion (£3.20 trillion) in assets for the first time at the end of January after a year in which it pulled in more money than all of its rivals combined, the Wall Street Journal reported.
The newspaper reported on its website late Friday that Vanguard hit $4.048 trillion in late January. The fund said that its attracted $322.8 billion in the past year, the report said.
Vanguard’s success points to investors becoming disillusioned with expensive money managers and turning instead to funds that are not actively managed.
Vanguard is the second largest asset manager, with BlackRock Inc in first place with more than $5 trillion in assets, the WSJ report said.
Reporting by Diane Bartz; editing by Grant McCool