T. Rowe Price Group on Thursday reported $647.2 billion in assets under management as of Sept. 30, a 5.1% increase from the end of the previous quarter and up 10.9% from a year earlier.
Market appreciation and income of $40.6 billion was partially offset by net cash outflows of $7.4 billion during the third quarter of 2013. According to T. Rowe’s earnings statement, the majority of the net cash outflows were concentrated among certain institutional and intermediary clients that changed their investment objectives or repositioned their strategy allocations.
Mutual fund assets were $403.8 billion as of Sept. 30, up 6% from June 30 and up 15.1% from a year ago.
Net income for the quarter came to $270.3 million, up 8.3% from the previous quarter and 8.5% higher than the year-earlier quarter. Revenue totaled $884.4 million, up 3.4% from the previous three months and up 13% from the third quarter of 2012.