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MONEY MANAGEMENT

T. Rowe reports 6% rise in assets for quarter, $700 million in inflows

T. Rowe Price Group reported $861.6 billion in assets under management as of March 31, up 6.3% from three months earlier and up 12.7% from a year earlier, the company's earnings statement said Tuesday.

The company reported net inflows of $700 million for the first quarter of 2017, compared to net outflows of $5 billion for the fourth quarter of 2016 and net inflows of $5.1 billion for the first quarter of 2016, according to the firm's first-quarter 2016 earnings report.

T. Rowe reported net inflows of $2.2 billion to the firm's mutual funds for the quarter ended March 31, driven by net inflows of $2.6 billion into fixed-income funds and net inflows of $600 million into money market funds. These were partially offset by net outflows of $1 billion from the stock and blended asset funds.

For the other investment portfolios, net outflows during the first quarter were $1.5 billion, which includes outflows of $2.9 billion from stock and blended assets partially offset by inflows of $1.4 billion into fixed income, money market and stable value portfolios.

Net revenue for the first quarter totaled $1.11 billion, up 2.2% from the previous quarter and up 12% from the year-earlier quarter. Net income, meanwhile, came to $385.9 million, up 1.6% from the previous quarter and up 26.9% from the first quarter of 2016.