T. Rowe Price Group on Friday reported record assets under management of $482 billion as of Dec. 31, up 9.6% from the prior quarter and up 23% from the year before.
Net cash inflows for the quarter came to $6.9 billion, while market appreciation and income added $35.4 billion. The firm’s latest inflows were down somewhat from $8 billion in the prior quarter and $7.3 billion for the year-earlier quarter.
T. Rowe’s mutual funds accounted for $3.2 billion of those inflows, with other investment portfolios taking in $3.7 billion for the quarter.
With another $20.7 billion in market appreciation and income, the firm’s mutual fund totals came to $282.6 billion.
In a news release, T. Rowe reported $1.3 billion of inflows in the latest quarter for its target-date retirement funds, which accounted for $59.4 billion of the firm’s assets as of Dec. 31, or just less than 20% of its mutual fund assets.
Market appreciation and income of $14.7 billion helped lift T. Rowe’s assets in non-mutual fund investment portfolios to $199.4 billion.
In the news release, James A.C. Kennedy, the company’s president and CEO, noted that in addition to record AUM, T. Rowe’s 2010 net revenue of $2.367 billion and net income of $672.2 million had surpassed the previous highs the firm had posted for 2007.
For the latest quarter, net revenue stood at $647.5 million, up 10% from the prior quarter and 19% above the year before. Net income, meanwhile, came to $191.6 million, up 13% from the prior quarter and 26% higher than the year before.
On Thursday, Federated Investors reported AUM of $358.2 billion as of Dec. 31, up 5% from the prior quarter but down 8% from the year before.
The company issued its statement after the market closed. Money market assets of $276 billion as of Dec. 31 were up 6% from the prior quarter but down 12% from the year before.
Federated’s fixed-income assets totaled $40.7 billion, up 1.2% from the prior quarter and 20% higher than the year before. Equity assets came to $30.8 billion, up 6% from the prior quarter and 4% above the previous year.
Net income came to $46.4 million for the quarter, up 8% from the prior quarter but down 11% from the year before.
Revenue came to $256.3 million, up 1% from the prior quarter but down 7% from Dec. 31, 2009.