Cyclical Underperformance
Asked to comment on the data, the bank said in a statement it did not believe "there is a connection between our fund flows and the September 2016 sales practice settlement between Wells Fargo and regulators."
"The recent underperformance of many active managers is simply cyclical," it added in the statement.
The bank declined to make executives available for further comment.
In one case, however, the accounts debacle played a role in a lost bid for new business.
The bank's $482 billion asset management arm was among three finalists to run a $40 million bond portfolio for Oakland's police and fire pension fund last fall.
The contract went to a firm with 17 employees and $1.5 billion in assets and David Sancewich, a consultant who helped the pension fund with the selection, told Reuters the scandal influenced Oakland's choice.
"It was one variable as part of the decision process," he said in an email.
In another instance, however, Wells Fargo's assurances appeared to have had some mitigating effect. In Vermont, administrators of Champlain College who considered dropping the bank as an underwriter of a $77 million bond because of the scandal, ultimately chose to stick with Wells Fargo following a review of the bank's operations.
When contacted, the college provided Reuters with a copy of an October memo, which said it made the decision "following a robust discussion," while stressing that the school had no relationship with Wells Fargo's retail unit. Champlain declined further comment.