Market declines hurt T. Rowe assets

T. Rowe Price today reported $378.6 billion in assets under management as of March 31, down 5.4% from Dec. 31 but up 8.2% from the year before. Market-related declines of $31.1 billion for the quarter more than offset record net inflows of $9.7 billion, the company said in a news release. By client category, mutual funds saw net inflows of $3.7 billion and market-related declines of $19.2 billion, while managed accounts, including institutional separate accounts, saw net inflows of $6 billion and market-related declines of $11.9 billion. Net income for the latest quarter came to $151.5 million, down 26% from the prior quarter but up 6% from the year before. Revenues, meanwhile, came to $559.1 million, down 6.5% from the prior quarter but up 10% from the year before.