T. Rowe Price Group reported assets under management of $1.27 trillion as of Dec. 31, up 3.6% from three months earlier, but down 24.5% from a year earlier.
Net outflows totaled $17.1 billion in the fourth quarter, compared with net outflows of $24.6 billion in the third quarter and net outflows of $22.7 billion in the fourth quarter of 2021, according to a news release Thursday.
By asset class, in the fourth quarter of 2022, equity, fixed income (including money markets), multiasset strategies and alternatives had net outflows of $14.3 billion, $2 billion, $500 million and $300 million, respectively.
Net market appreciation and other gains added $61.8 billion in the fourth quarter.
Net outflows in the fourth quarter were "largely concentrated in equity strategies sourced from the firm's U.S. intermediary channel," T. Rowe Price said in the release, while the firm's Asia-Pacific institutional and intermediary channels "delivered positive net cash inflows during the quarter."