The remainder of the decline came from consumer assets which fell $2.1 billion, to a total $339.8 billion.

Institutional funds were up $453 million, to a total $69.4 billion, while consumer assets increased slightly, by $66.4 million, to $188.1 billion.

The bulk of the increase comes from a $4 billion gain in consumer assets.

Institutional funds gained $450 million, to $56.9 billion, while consumer assets increased $1.75 billion, to $167.3 billion.

"This is an opportunity for us to put some of those deposits to work in consumer assets," he said.

Institutional funds rose by $500 million, to $89.4 billion, while consumer assets with no new cash inflow displayed a lot of switching within the category.

The remainder of the decline was in consumer assets, which fell by $1.3 billion, to a total of $341.9 billion.

Institutional funds rose by $700 million, to $88.96 billion, while consumer assets gained $1.3 billion, to $320.6 billion.

But consumer assets declined by about $18 million.

But he said the increase in the value of consumer assets, such as housing, stocks and bonds, has been great.