T. Rowe Price Group on Friday reported assets under management of $489.5 billion as of Dec. 31, up 7.9% from the prior quarter and 1.6% higher than from the year before.
The Dec. 31 asset total was a T. Rowe Price record for the close of a calendar year, though it is short of the $520.9 billion reported as of June 30.
In a news release, the company reported net inflows of $1.1 billion for the quarter, a rebound from net outflows of $2.6 billion during the prior quarter but down from year-earlier inflows of $6.9 billion.
With equity markets rebounding from an ugly third quarter, T. Rowe Price enjoyed market-related gains of $34.9 billion for the fourth quarter, partially offsetting the prior quarter's $64.8 billion in market losses.
The company reported $289.4 billion in assets for T. Rowe Price-sponsored mutual funds, with $2.2 billion in net inflows and $20.6 billion in market gains. Bond funds garnered $1.9 billion of those inflows, while equity and blended funds took in $300 million.
Client money slated for T. Rowe's target-date funds, meanwhile, accounted for $1.5 billion of that $2.2 billion in mutual fund inflows. At the end of the year, target-date assets stood at $66.9 billion.
T. Rowe's “other” investment vehicles, including separate accounts, had $200.1 billion in assets as of Dec. 31, with market-related gains of $14.3 billion trimmed by $1.1 billion in net outflows. The company's news release said strong inflows for fixed-income strategies were offset by equity outflows, as “institutional investors continued to derisk their portfolios in the wake of the uncertain and volatile market environment.”
Net income for the latest quarter came to $188.4 million, up 1.6% from the prior quarter but down 1.7% from the year before. Revenues, meanwhile, stood at $671.6 million, down 1.1% from the prior quarter but up 3.7% from the year before.