The first quarter was not kind to fund firms in terms of asset gathering. According to FRC's data, only one firm out of the 25 largest fund firms in terms of assets, actually reported a rise in AUM.

The five firms that lost the most AUM percentage-wise were: Putnam, down 31.7 percent; Legg Mason, down 12 percent; Van Kampen, down 10.7 percent; American Century, down 10 percent; and Dodge & Cox, down 9.9 percent.

The only top 25 firm reporting inflows for Q1 was not surprisingly, fixed-income giant PIMCO, up 9.7 percent.

FRC's data does not include money-market fund flows, which are sure to be substantial for Q1. 

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