T. Rowe Price assets under management rise 6% for quarter

T. Rowe Price Group on Wednesday reported $574.4 billion in assets under management as of Sept. 30, up 6% from the previous quarter and 26.7% higher than the year before.

A majority of the third-quarter increase came from $28.4 billion in market appreciation and income.

Net inflows totaled $4.3 billion, with more than half — $2.2 billion — for the firm's target-date retirement portfolios.

Assets in T. Rowe Price's U.S.-distributed mutual funds totaled $342.9 billion as of Sept. 30, a 6.6% increase over the previous quarter, with $16.7 billion in market gains and $4.5 billion in net inflows.

Those net inflows were split nearly evenly between stock and blended asset funds, which brought in $2.2 billion, and bond funds, which brought in $2.1 billion. Money market funds saw $200 million in net inflows.

Assets under management for the firm's other investment portfolios, including institutional accounts, came to $231.5 billion as of Sept. 30, up 5.2% from the previous quarter. Market gains of $11.7 billion during the third quarter offset $200 million in net outflows.

Net income for the quarter came to $247.3 million, up 19.6% from the previous quarter and up 33.3% from the previous year.

Revenue totaled $769.7 million, up 4.5% from the previous quarter and up 13.3% from the previous year.