T. Rowe Price Group reported $725.5 billion in assets under management as of Sept. 30, down 6% from three months earlier and down 1% from a year earlier, said the company's earnings statement released Thursday.
Net outflows for the third quarter were $700 million, compared to net outflows of $2.1 billion for the second quarter and net inflows of $200 million during the third quarter of 2014.
T. Rowe reported net outflows of $3.1 billion from the firm's mutual funds for the quarter ended Sept. 30, driven by net outflows of $3.7 billion from fixed-income funds, and partially offset by net inflows of $400 million into the stock and blended asset funds and net inflows of $200 million into the money market funds.
For the other portfolios, net inflows during the quarter were $2.4 billion, including $1.9 billion of transfers from their mutual funds.
Mutual fund assets were $466 billion as of Sept. 30, down 6.8% from June 30 but flat from Sept. 30, 2014. The firm also reported $156.9 billion in target-date portfolios, down 5.8% from the end of the previous quarter but up 10.2% from the end of the year-earlier quarter.
Net income for the quarter came to $277.1 million, down 16.8% from the previous quarter and down 8.7% from the third quarter of 2014. Net revenue, meanwhile, totaled $1.05 billion, a 2% decrease from the previous quarter but a 3% increase from the same period a year ago.