Despite its efforts to salvage its reputation, Putnam Investments keeps losing assets.

The firm has announced that its assets under management have dropped 1.7 percent to $236 billion at the end of January. Putnam is the second mutual fund company to report declining assets last month, Janus Capital Group Inc. said its assets under management fell by $2.7 billion, or 1.8 percent, last month.

Last quarter, Putnam's parent, Marsh & McLennan Cos., said investors pulled a total of $54 billion from the firm.  

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