T. Rowe Price Group Inc. said its fourth-quarter net income declined 87% from a year earlier, to $24.3 million, or 9 cents a share.

The Baltimore asset manager, which posted its results Thursday, attributed the decline to impairment charges, fund outflows, and asset depreciation.

Earnings were cut by noncash charges of $88.4 million, or 22 cents a share, to cover the impairment of some investments in its mutual funds.

Analysts on average had forecast earnings of 24 cents a share, according to Thomson Reuters.

Assets under management fell 24.9% from the third quarter, to $276.3 billion.

T. Rowe Price reported $2.4 billion of fund outflows for the fourth quarter.

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