Total assets in money market mutual funds fell by $15.3 billion to $3.543 trillion during the week ending Sept. 9, largely driven by institutional accounts, the Investment Company Institute said.

Retail money market fund assets fell $1.59 billion to $1.161 trillion. Among retail funds, taxable assets fell $940 million to $907.53 billion and tax-exempt assets fell $650 million to $253.46 billion.

Institutional money market funds lost $13.71 billion for a total of $2.382 trillion during the same period. Among institutional funds, taxable money funds fell $12.21 billion to $2.198 trillion and tax-exempt assets fell $1.5 billion to $184.03 billion.

The seven-day average yield on money funds was unchanged at 0.06% for the week ending Sept. 8, according to iMoneyNet Inc.'s Money Fund Report. The 30-day average yield dropped from 0.07% to 0.06%.

The seven-day compounded yield was also steady at 0.06%, and the 30-day compounded yield fell from 0.07% to 0.06%.

The average maturity of money fund portfolios was 51 days, down from 52.

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