T. Rowe Price Group reported $764.6 billion in assets under management as of March 31, flat from three months earlier and down 1% from a year earlier, said the company's earnings statement released Tuesday.
The company reported net inflows of $5.1 billion for the first quarter, compared to net inflows of $2.5 billion for the fourth quarter. It had net inflows of $1.9 billion for the first quarter of 2015, according to its earnings statement released in April 2015.
T. Rowe reported net inflows of $1.7 billion from the firm's mutual funds for the quarter ended March 31, driven by net inflows of $1.8 billion from the stock and blended asset funds, and net inflows of $300 million into the money market funds. These were partially offset by net outflows of $400 million from the fixed-income funds.
For the other investment portfolios, net inflows during the first quarter of 2016 were $3.4 billion, which includes inflows of $2.3 billion into stock and blended assets and $1.1 billion into fixed income, money market and stable value portfolios.
T. Rowe's mutual funds totaled $486.7 billion in AUM as of March 31, flat from Dec. 31. Other investment portfolios, meanwhile, totaled $277.9 billion, up 1% from Dec. 31.
Net income for the quarter came to $295.2 million, down 2.6% from the fourth quarter of 2015 and down 5% from the first quarter of 2015. Net revenue, meanwhile, totaled $994.1 million, a 5.5% decrease from the previous quarter and a 3% drop from the year-earlier quarter.