T. Rowe Price reported a record $419 billion in client assets under management as of March 31, up 7.1% from the prior quarter and up 56% from the year before.
Net inflows for the first quarter likewise were a record, at $10.2 billion, up from inflows of $7.3 billion for the prior quarter and $4.5 billion for the year-earlier quarter, according to a company release on the firm’s latest earnings.
Market-related gains, meanwhile, added $17.4 billion for the three months ended March 31.
T. Rowe reported $6.1 billion of inflows for the firm’s mutual funds, helping lift total mutual fund assets to $249.5 billion as of March 31. Target-date-related portfolios pulled in a net $2.4 billion, bringing the firm’s total target-date assets to $48.3 billion, or 12% of its overall assets under management and 19% of its mutual fund assets.
Net inflows from third-party financial intermediaries and institutional investors, mostly from outside the U.S., came to $4.2 billion.
For the latest quarter, net income came to $153 million, up marginally from $152.5 million for the prior quarter and up 218% from the year before.
Revenue, meanwhile, came to $556.2 million, up 2.5% from the prior quarter and up 45% from the year before.