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The new regulations imposed on money market funds last fall triggered a huge migration of assets out of institutional prime funds. And three months after the changes took effect, institutional investors still seem to be wary of heading back into prime funds.

More than $1 trillion in assets exited institutional prime funds after the Securities and Exchange Commission said in 2014 that as of mid-October 2016, the funds had to float their net asset value (NAV) and establish redemption fees and gates. By the start of November, just $122.1 billion remained in institutional prime funds, down from $779.2 billion at the start of 2016, according to statistics from the Investment Company Institute. With the exception of a brief move higher around year-end, the total assets in institutional prime funds haven’t increased much; last week’s ICI data showed $129.6 billion in prime funds as of Jan. 11.

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