T. Rowe Price Group reported assets under management of $962.3 billion as of Dec. 31, down 11.2% from three months earlier and down 2.9% from a year earlier, according to a news release Wednesday on the firm's quarterly earnings.
Net outflows for the fourth quarter were $8.4 billion, compared to net inflows of $2.7 billion in the third quarter. In the fourth quarter of 2017, the firm reported net inflows of $3.7 billion.
By asset class, equity strategies experienced the highest net outflows of $7.3 billion during the fourth quarter, compared to net outflows of $700 million in the third quarter and net outflows of $900 million in the fourth quarter of 2017.
Fixed-income strategies and money market funds, which are combined in the report, had $1.4 billion in net outflows in the fourth quarter vs. net inflows of $1 billion during the previous quarter.
Multiasset net inflows were $300 million in the fourth quarter compared to $2.4 billion in net inflows in the third quarter.