Updated Friday, October 31, 2014 as of 5:10 AM ET

Can Vanguard Become Too Big?

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.

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