T. Rowe Price's fourth quarter net income fell 87 percent to $24.3 million. The result included non-cash charges of $88.4 million for the impairment of some of the company's investments in mutual funds.

"Assets under management, revenues, our corporate investments, and earnings fell as market values declined and overall inflows - though solidly positive for the year - slowed from 2007 levels before turning modestly negative in the fourth quarter," said T. Rowe's president and CEO James Kennedy.

Mutual fund assets at the end of December were down $43 billion or 21 percent from September 30 and down one-third from the beginning of the year.  

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