The Investment Company Institute reported mutual fund flows for May on Tuesday, showing that investors pulled a noteable $527 billion from funds. This left a net total of $10.701 trillion in asset under management for the industry. By comparison, mutual funds took in $45.51 billion in April.

By category, long-term U.S. mutual funds dropped by $11.98 billion in May. Outflows were even larger for stock funds; investors redeemed a net $24.67 billion from equity funds in the month.

Money Management Executive's take: the sales streak of the past 60 weeks, or year and three months, appears to be over. The industry could be headed for less consistent flows. However, investment management executives speaking at the Morningstar Investment Conference in Chicago and Neuberger Berman in New York this month, as well as at Bank of America Merrill Lynch and Putnam Investments this week -- all have one very important thing in common: A conviction in an economic rebound.

Sales are sure to follow. (Please see related article, MME June 3, 2010, "Funds Bleed $16.6B in Latest Week.")