T. Rowe Price Group reported $903.6 billion in assets under management as of June 30, up 5% from three months earlier and up 16.4% from a year earlier, the company's earnings statement said Tuesday.
The company reported net inflows of $3.7 billion for the second quarter, compared to net inflows of $700 million for the first quarter of 2017 and net outflows of $2.7 billion for the second quarter of 2016, according to the firm's second-quarter 2016 earnings report.
The $5.1 billion in net inflows into fixed-income, money market and stable value strategies were partially offset by net outflows of $1.4 billion from stock and blended asset funds.
T. Rowe reported net outflows of $5.7 billion from the firm's mutual funds for the quarter ended June 30, driven by client transfers of $7.6 billion from the mutual funds to other T. Rowe portfolios. These client transfers were partially offset by inflows of $1.9 billion.
For the other investment portfolios, net inflows during the second quarter were $9.4 billion.
Net revenue for the second quarter totaled $1.17 billion, up 5.2% from the previous quarter and up 12.1% from the year-earlier quarter. Net income, meanwhile, came to $373.9 million, down 3.1% from the previous quarter and up 83.9% from the second quarter of 2016.