Almost $69bn leaked out of US money market funds during the week ending April 19, marking a sharp reversal after banking turmoil and the highest yields in years sent hundreds of billions of dollars flooding into the vehicles in March alone.
Government money market funds, which typically hold cash and ultra-safe short-term Treasury debt that is easy to buy and sell, endured outflows of $60bn, largely driven by institutional investors.
Prime funds, which can also hold bank debt, were hit by a smaller decline of just $2bn, according to new data from the Investment Company Institute.
The moves took overall money market fund assets to $5.21tn as of Wednesday.
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