The Investment Company Institute reported mutual fund flows for May on Tuesday, showing that investors pulled a noteable $527 billion from funds. This left a net total of $10.701 trillion in asset under management for the industry. By comparison, mutual funds took in $45.51 billion in April.
By category, long-term U.S. mutual funds dropped by $11.98 billion in May. Outflows were even larger for stock funds; investors redeemed a net $24.67 billion from equity funds in the month.