Janus Capital Group Inc.'s (JNS) stock hit an all-time low Thursday, after the asset manager reported that fourth-quarter net income dropped 60% on plunging management fees. Shares of other asset managers were also trading sharply lower.

Janus shares recently traded down 60 cents, or 10%, at $5.31. The company also announced it's shuttering all its institutional money market funds by April 30, in order to focus on core businesses.

Janus' problems are another example of an awful stretch for asset managers.

BlackRock Inc. (BLK), the largest U.S. asset manager, reported Wednesday an 84% drop in fourth-quarter net income, also because of lower revenue from fees.

BlackRock's stock was down more than 5% Thursday, as were shares of other asset managers Franklin Resources Inc. (BEN) and T. Rowe Price Group Inc. (TROW).

Money managers across the board struggled amid falling asset values, investor redemptions from mutual funds and declining profit margins, as analysts correctly projected such companies would book some of the worst numbers in years.

Janus reported net income of $7.8 million, or 5 cents a share, down from $19.7 million, or 12 cents a share, a year earlier.

Revenue slumped 43% to $177.1 million on a similar decline for investment-management fees, the bulk of Janus' revenue.

Analysts' estimates were for per-share earnings of 3 cents a share on revenue of $203 million, according to a poll by Thomson Reuters.

Total assets under management fell 40% from a year earlier and 23% during the quarter, thanks to the market slump and outflows.

Some of Janus' biggest funds have been hurt by big bets on financials, energy and other once-hot sectors. The Janus Twenty fund loaded up on Lehman Brothers Holdings Inc. (LEHMQ) right before it collapsed last fall. Janus also held big stakes in American International Group Inc. (AIG) and Fannie Mae (FNM).

Janus, which has seen its stock lose more than 80% of its value since early October, has recently cut costs by slashing its work force by about 9% and halted its stock buyback program.

Despite the closing of its money market funds, Janus has targeted some areas for expansion. Last month, it bought an additional 50% ownership interest in value manager Perkins, Wolf, McDonnell and Co. LLC. The $90 million deal gives Janus an 80% stake in the Chicago-based firm. In addition, Janus is looking to bulk up its presence in Asia, starting with markets such as Taiwan and China.

-By Joseph Checkler, Dow Jones Newswires; 201-938-4297; Joseph.Checkler@dowjones.com

(Katherine Wegert and Kathy Shwiff contributed to this article.)

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