Money market mutual fund assets fell $12.83 billion in the week ended Aug. 12, with the bulk of the redemptions coming from retail investors, the Investment Company Institute said.

Retail money fund assets fell $11.43 billion to $1.179 trillion. In this category, assets of taxable funds fell $8.15 billion to $921.02 billion. Tax-exempt funds fell $3.29 billion to $257.61 billion.

Among institutional money market funds, assets fell $1.40 billion to $2.415 trillion. In this category, taxable assets fell $2.51 billion to $2.229 trillion, while tax-exempt assets rose $1.11 billion to $185.81 billion.

Money market funds’ seven-day average and compound yields both fell to seven basis points, down from eight basis points the previous week, and the 30-day average and compound yield both dropped to eight basis points, down from nine, according to iMoneyNet.

The average money market yield of 100 leading banks is 36 basis points and on checking accounts is 14 basis points, both unchanged from the week before, according to Bankrate.com. A six-month certificate of deposit yields 75 basis points, down from 76 basis points the previous week.

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