Total assets in mutual funds dropped in October for the second consecutive month, down 1.1 percent despite positive net flows, according to the Investment Company Institute of Washington, D.C.

The 1.1 percent drop represents nearly $7.2 trillion, according to the ICI. Total assets dropped 2.6 percent to $7.280 trillion in September, according to the ICI.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.