Despite the rebound in the Nasdaq since the end of the Iraqi War in April, Putnam Investments still appears to be suffering from the lingering fallout of the 2000 crash. The Boston-based firm suffered an estimated $508 million in net outflows in June, estimates Bisys' Financial Research Corp. That figure is the largest of any fund firm on the FRC scorecard.
Janus Capital was not far behind Putnam. The Denver-based firm had net outflows of about $502 million, said FRC. Morgan Stanley Investment Advisors was third in outflows with an estimated $465 million.
Most firms pulled in cash during the month, however, as total net flows reached $27.411 billion for the month compared to a total outflow of $569 million in June of 2002.
There were no surprises among the funds pulling the most assets. They were American Funds ($5,509 million), Fidelity Investments ($3,735 million) and Vanguard ($3,652 million), according to FRC.
The complete report can be downloaded from http://www.frcnet.com/FRC/graphics/pdf/Press%20Releases/Net%20Flows/FRC_June03_Net_Flows_Release.pdf
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