Shares of T. Rowe Price Group Inc. slipped almost 5% in afternoon trading Wednesday after the financial services company issued a preliminary report that showed assets under management declined last month.
As of Sept. 30, the company said it had $1.23 trillion in assets under management, down from the $1.34 trillion as of Aug. 31.
So far this year, T. Rowe Price’s assets under management have declined by 27%, as of Sept. 30. The S&P 500 has fallen 25% so far this year, while the Nasdaq Composite has dropped 33%.
Shares of T. Rowe Price were down 4.6% at $98.68 in early afternoon trading. So far this year, the stock’s value has fallen 50%.