A continued migration by investors from bank deposits into mutual funds lifted volume on the New York Stock Exchange in the first three months of 1993, the Securities Industry Association said.

Retail activity on the exchange rose 38% in the three-month period that ended March 31, compared with the first quarter of 1992.

In comparison, trading by institutional and member-firms advanced 29%.

Mutual funds stressing equities and fixed-income securities were the chief beneficiaries of the inflow, the Washington-based trade group said in its latest "Investor Activity Report."

Assets in equity mutual funds climbed 11% in the first quarter. Bond and income fund assets rose 7%, and assets in money market funds gained 2%.

The stock and bond markets benefited from low interest rates, renewed economic strength, subdued inflation, and the Clinton administration's effort to reduce the budget deficit, said Jeffrey M. Schaefer, the trade group's senior vice president for research.

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