Janus Capital, the US fund management firm embroiled in the mutual fund scandal, saw asset outflows of $6.5bn (€5.4bn) in May, the worst month since September last year, when the firm lost $3.4bn.

Total assets under management were $135.8bn at the end of May compared with $140.3bn at the end of April - a fall of 3.2%. In April, Janus lost $700m worth of investment mandates. Most of the outflows in May were expected and the sum included $3.8bn in previously announced losses by institutional clients at year-end but which had waited until now to withdraw funds.