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Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, reports that Vanguard's market share of U.S. fund assets has started to decline after five decades of steady increases and topping out at 27%.
He highlights that this market share is double the previous high water mark that Fidelity set in the 1990s, indicating a major shift as competing firms have responded by lowering fees and increasing competition.
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Earlier this year, Vanguard expanded its advisory business when it acquired Altruist and became a custodian for the first time. Eric Balchunas has also tracked new product performance, noting that IBIT has outperformed VOO since inception despite higher volatility. These developments come as the competitive landscape for asset managers continues to shift.