Near-zero yields in government money market funds have caused changes at another mutual fund firm. In its first quarter earnings report, BlackRock confirmed net "cash management" outflows in Q1 of $15.7 billion, 92 percent of those coming from its government money market funds.

"Rates are hovering near zero and we have waived a portion of our fees to avoid negative yields," the report reads.

BlackRock's net income fell 65 percent year-over-year to $84 million in the quarter ended March 31, while AUM fell six percent year-over-year to $1.28 trillion. 

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