Putnam Investments failed to win a break from investors in March. Shareholders at the unit of Marsh & McLennan pulled another $1.3 billion out of the Boston fund complex, said Bisys' Financial Research Corp. (FRC). The firm has now suffered outflows in every month since May 2001. So far this year Putnam has lost roughly $4to outflows, says FRC.

Still, this amount falls well below the $15.7 billion fund shareholders yanked from the complex in 2002. Total assets at the firm fell to $241 at the end of the first quarter. That figure is 23 percent below the level at which Putnam started the year. Meanwhile, its operating profit fell by 41 percent.

FRC said that net flows to all stock and bond funds took in March reached $11.8 billion, up a little less than ten percent from February's $10.8 billion. In contrast, flows in March 2002 were $34.6 billion. 

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