T. Rowe Price Group today reported record assets under management in the first quarter, while AMVESCAP saw a decline compared to a year earlier.
T. Rowe Price had $235.9 billion as of March 31, up 0.3% from Dec. 31 and 17% higher than the first quarter 2004, according to a news release. The company had $148.3 billion in mutual fund assets in the first quarter, as net investor inflows of $5.5 billion more than offset market value declines of $2.7 billion. Assets in institutional separate accounts, subadvised funds and other non-mutual fund categories were $87.6 billion, reflecting market declines of $1.8 billion and net withdrawals of $300 million. The company reported record first-quarter revenues of $357 million and net income of $94 million, up 17% and 22%, respectively, from a year earlier.
AMVESCAP reported assets under management of $375.4 billion in the first quarter, down 1.8% from the previous quarter and down 1.6% from the year-earlier period, confirmed Chris Townsend, spokesman. The company reported profit after taxes of £38 million ($72.6 million), down 20% from the year before.