(Bloomberg) -- T. Rowe Price Group Inc. said it expects redemptions to persist into 2022, as clients continue to reduce their exposure to equities.

Net client outflows for the fourth quarter were $22.7 billion, the Baltimore-based money manager said in an earnings statement Thursday. The firm, which has $1.69 trillion of assets under management, said outflows totalled $28.5 billion in 2021.

“It was a challenging year for net flows with redemptions concentrated in U.S. equity growth portfolios, partly driven by client rebalancing after a period of robust returns,”  Rob Sharps, chief executive officer and president, said in the statement. “While we expect flows to improve from Q4, each of the flow trends we experienced throughout the past year has continued into 2022.” 

The firm also said that net flows for 2022 would be below a long-term 1% to 3% growth target.

Other highlights:

• Net revenues of $2 billion in the fourth quarter, and $7.7 billion for 2021
• Diluted earnings per common share of $3.18 in the period, and $13.12 for the year

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