Money market funds, frequently perceived by the wealthy as a secure home for their cash, have dramatically cut their exposure to asset-backed securities and commercial paper, following a series of redemption requests at funds deemed to be risky.

According to ratings service Fitch & Co, exposures to asset-backed securities have fallen from 27% to 9%. Allocations to commercial paper programmes, used by companies to fund their short-term cash needs, have fallen from 51% to 37%.