T. Rowe Price Group reported $812.9 billion in assets under management as of Sept. 30, up 4.7% from three months earlier and up 12% from a year earlier, the company's earnings statement said Thursday.
The company reported net outflows of $200 million for the third quarter, compared to net outflows of $2.7 billion for the previous quarter. Net outflows were $700 million for the third quarter of 2015, according the firm's third-quarter 2015 earnings report.
T. Rowe reported net outflows of $400 million from the firm's mutual funds for the quarter ended Sept. 30, driven by net outflows of $3.5 billion from the stock and blended asset funds. These were partially offset by net inflows of $2.7 billion into fixed-income funds, and net inflows of $400 million into money market funds.
For the other investment portfolios, net inflows during the third quarter of 2016 were $200 million, which includes outflows of $1.9 billion from 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 $517 billion in AUM as of Sept. 30, up 4.6% from June 30 and 11% from Sept. 30, 2015. Other investment portfolios, meanwhile, totaled $295.9 billion, up 4.9% from June 30 and up 14% from a year earlier.
Net revenue for the third quarter totaled $1.1 billion, a 10% increase from the previous quarter and a 4% rise from the year-earlier quarter. Net income, meanwhile, came to $327.8 million, up 68% from the previous quarter and up 18% from the third quarter of 2015.
