T. Rowe Price Group on Tuesday reported record assets under management of $554.8 billion as of March 31, up 13% from the prior quarter and up 8.8% from the year before.
The latest quarter-on-quarter jump in AUM reflected record net inflows of $12.4 billion, up sharply from inflows of $1.1 billion for the prior quarter and $5.8 billion for the year-earlier quarter, further buoyed by market-related gains of $52.9 billion.
By investment vehicle, the company reported AUM for its mutual funds of $325.4 billion as of March 31, up 12% from the prior quarter, on the back of $5.3 billion in net inflows and $30.7 billion in market-related gains.
In its earnings news release, T. Rowe Price broke down those mutual fund flows by asset class, with inflows of $3.5 billion for its bond funds and $2.5 billion for its stock and blended asset funds partially offset by $700 million of net outflows from its money market funds.
T. Rowe's non-mutual fund business had AUM of $229.4 billion as of March 31, up 15% from the prior quarter, on the back of net inflows of $7.1 billion and market-related gains of $22.2 billion.
The company reported AUM for its target-date retirement portfolios of $78.8 billion as of March 31, up 18% from the prior quarter. Of that total, $71.2 billion were in target-date mutual funds, with the remaining $7.6 billion in target-date retirement trusts.
For the latest quarter, T. Rowe Price reported net income of $197.5 million, up 4.8% from the prior quarter and up 1.5% from the year before.
Revenue, meanwhile, came to $728.7 million, up 8.5% from the prior quarter and up 6.8% from the year before.