Assets under management in the mutual fund industry grew by $82.4 billion, or 1.2%, to $7.235 trillion in November, according to the Investment Company Institute.

The trade group's monthly survey of fund companies showed that long-term funds such as stock, bond and hybrid funds collectively had a new inflow of $15.42 billion last month, a drop-off from the $28.12 billion taken in during October. Through the first 11 months of the year, long-term funds had new inflows of $202.36 billion, a 66% increase from the same period the previous year.

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