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Money Management

T. Rowe Price’s AUM grows 16.6% in year, records $5.9 billion in quarterly inflows

T. Rowe Price Group reported $947.9 billion in assets under management as of Sept. 30, up 5% from three months earlier and up 16.6% from a year earlier, the company's earnings statement said Thursday.

The company reported net inflows of $5.9 billion for the second quarter, compared to net inflows of $3.7 billion for the second quarter. Net outflows were $200 million for the third quarter of 2016, according to the firm's third-quarter 2016 earnings report.

The $6.5 billion in net inflows into fixed-income, money market and stable value strategies were partially offset by net outflows of $600 million from stock and blended asset funds.

T. Rowe Price reported net outflows of $5.1 billion from the firm's mutual funds for the quarter ended Sept. 30, driven by client transfers of $8.1 billion from the mutual funds to other T. Rowe portfolios. These client transfers were partially offset by net inflows of $3 billion prior to the transfers.

For the other investment portfolios, net inflows during the second quarter were $11 billion.

Net revenue for the third quarter totaled $1.22 billion, up 4.3% from the previous quarter and up 11.8% from the year-earlier quarter. Net income, meanwhile, came to $390.9 million, up 4.5% from the previous quarter and up 19.2% from the third quarter of 2016.