T. Rowe Price Group's assets under management topped $1 trillion in the first quarter, to $1.014 trillion as of March 31, up 2.3% from the end of 2017 and 17.7% higher than the end of the first quarter last year, the company said Wednesday in its quarterly earnings statement.
Net inflows for the latest quarter were $11.3 billion, compared to net inflows of $3.7 billion in the fourth quarter and net inflows of $700 million in the first three months of 2017.
Multiasset strategies had net inflows of $6.4 billion in the latest quarter, while equities had net inflows of $2.8 billion, and fixed-income and money market strategies had a total of $2.1 billion in net inflows.
While T. Rowe Price mutual funds had net outflows of $800 million in the latest quarter, other investment portfolios saw net inflows of $12.1 billion.
Net first-quarter revenues were $1.33 billion, up 2.3% from the fourth quarter and up 17.3% from the first quarter of 2017. Net income was $454 million, up 31% from the previous three months and 17.6% above the year-earlier quarter.
William J. Stromberg, the company's president and CEO, said in a news release on the company earnings that asset growth was driven in part by "near-record quarterly inflows," as well as investment performance. Net market appreciation and income totaled $11.8 billion in the quarter.