Fidelity Investments saw its April sales rise to $5.8bn (€4.5bn), a 53% jump from its $3.8bn in sales for March, and Capital Group's American Funds passed Vanguard to become the largest mutual fund firm in the US.

According to industry analyst Financial Research Corporation, Fidelity's sales skyrocketed as investors hurried to invest in four funds the mutual fund giant planned to close. Fidelity oversaw $1.3 trillion as of Jan. 31. Last month was Fidelity's best sales month since it had $6.1bn in sales in January 1996, Financial Research said.