T. Rowe Price Group on Tuesday reported $692.4 billion in assets under management as of Dec. 31, up 7% from the previous quarter and 20% higher than a year earlier.
Net inflows were $100 million in the fourth quarter; $3.8 billion in mutual fund net inflows, mostly in its target-date funds, with $3.7 billion in net outflows of “other investment portfolios,” according to the earnings statement.
Market appreciation and income added $45.1 billion.
The net inflows are an improvement from $7.4 billion in net outflows the previous quarter.
For the year, T. Rowe Price had net outflows of $12 billion. “The vast majority of these net outflows from our other investment portfolios were concentrated among several large institutional clients outside the U.S. and intermediary clients that changed their investment objectives, repositioned their strategy allocations or experienced investment performance challenges within their portfolio,” according to the earnings statement.
Mutual fund assets were $435.3 billion as of Dec. 31, up 7.8% from Sept. 30 and 25.5% from a year ago.
Net income for the quarter came to $287.7 million, up 6.4% from the previous quarter and 24% higher than the year-earlier quarter. Revenue totaled $929.8 million, a 5.1% increase from the previous three months and up 18.1% from the fourth quarter of 2012.