Updated with correction
T. Rowe Price today reported its assets under management in the fourth quarter were $276.3 billion, down 20% from the previous quarter and 31% below the fourth quarter 2007, confirmed spokesman Brian Lewbart.
The company blamed the downturn in financial markets for the decline, according to a news release.
Net outflows in the fourth quarter were $2.4 billion, compared to inflows of $1.7 billion three months earlier. Net cash inflows were $9.1 billion in the fourth quarter of 2007.
Fourth-quarter net revenues were $416 million, down 25% from the previous quarter and 30% below a year earlier.
Net income of $24 million in the latest quarter was 84% below the third quarter and 87% less than a year ago.
T. Rowe Price reported diluted fourth-quarter earnings per share of 9 cents compared to 56 cents in the previous quarter and 68 cents in the fourth quarter 2007.
Management fees were down 29% in the fourth quarter, to $329 million, and 35% below the previous year.