T. Rowe Price Group reported $315.6 billion in assets under management as of June 30, up 17% from the prior quarter but down 19% from the year before.
The Baltimore-based manager said it had net inflows of $3.5 billion for the latest quarter, down 22% from the prior quarter and off 57% from the year before. But higher market valuations added $43.3 billion to the total assets in the quarter, according to a company news release.
The company reported $189 billion in mutual fund assets, up 19% from the prior quarter, lifted by net inflows of $4.1 billion and market appreciation of $26.1 billion. Inflows into T. Rowe's target-date retirement portfolios remained strong at $1.8 billion, lifting the firm's target-date total to $33.1 billion — or 17% of its overall mutual fund assets.
Institutional assets — including separate accounts, subadvised funds and variable insurance portfolios — came to $126.6 billion, up 15% from the prior quarter, as market appreciation of $17.2 billion was trimmed by net outflows of $600 million.
The firm reported net income of $100 million for the latest quarter, up 107% from the prior quarter but down 38% from the year-earlier quarter. Net revenue came to $442.2 million, up 15% from the prior quarter but down 25% from the year before.
