This week it emerged that May saw the most meager fund inflows of the past two years, as tumbling markets drove investors away. But the same Financial Research Corporation figures show some scandal-burned firms have suffered significant outflows for five years now.

Putnam Investments is worst hit, reports Bloomberg, with $2.3 billion in mutual fund withdrawals during May and net outflows of $104 billion since June 2001. At that time, it ranked fourth in size among U.S. mutual fund companies; today it's 11th.

Bloomberg quoted Morningstar analyst Laura Lutton, who said,"Advisers are just tired of making excuses on Putnam's behalf to their clients." Ouch.

But Putnam is not the only company with big net outflows in the past five years. Janus Capital Group had net redemptions of $65.4 billion; Aim Investments, $54.4 billion; and Morgan Stanley, $33 billion. Aim also joined Putnam in the doldrums for May, with $1 billion withdrawn over the month.  

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