... number of 288 funds per country. The U.S., which has the largest fund industry in terms of the share of assets held, is also the largest in terms of the number of available mutual funds (8,307 funds ... despite the fact the mutual fund industry in the U.S. grew at the expense of the banking sector, this analysis provides some evidence to suggest that this is not the case in the rest of the world. ... industry. In the U.S., mutual fund growth (especially the growth of money market funds) came at the expense of the banking sector, whereas in Europe (outside of the U.K.), banks have been the primary...