T. Rowe Price Group reported $776.6 billion in assets under management as of June 30, up 1.6% from three months earlier but flat from a year earlier, the company's earnings statement said Tuesday.
The company reported net outflows of $2.7 billion for the second quarter, compared to net inflows of $5.1 billion last quarter and net outflows of $2.1 billion for the second quarter of 2015.
T. Rowe reported net outflows of $2.1 billion from the firm's mutual funds for the quarter ended June 30, driven by net outflows of $2.9 billion from the stock and blended asset funds, and net outflows of $500 million from the money market funds. These were partially offset by net inflows of $1.3 billion from the fixed-income funds.
For the other investment portfolios, net outflows during the second quarter of 2016 were $600 million, which includes outflows of $2.7 billion into stock and blended assets offset by inflows of $2.1 billion into fixed income, money market and stable value portfolios.
T. Rowe's mutual funds totaled $494.4 billion in AUM as of June 30, up 1.6% from March 31. Other investment portfolios, meanwhile, totaled $282.2 billion, up 1.5% from March 31.
Net income for the quarter came to $195.3 million, down 33.8% from the previous quarter and down 41% from the second quarter of 2015. Net revenue, meanwhile, totaled $1 billion, a 5.1% increase from the previous quarter and a 3% drop from the year-earlier quarter.
