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Money Management

T. Rowe Price reports 4.6% increase in AUM, inflows of $3.7 billion

T. Rowe Price Group reported $991.1 billion in assets under management as of Dec. 31, up 4.6% from Sept. 30 and up 22.2% from Dec. 31, 2016, the company reported in its earnings statement released Tuesday.

The company reported net inflows of $3.7 billion for the fourth quarter, compared to net inflows of $5.9 billion for the third quarter. In the fourth quarter of 2016, the firm reported net outflows of $5 billion, according to the firm's fourth-quarter 2016 earnings report.

Fixed-income, money market and stable value strategies had a total of $4.6 billion in net inflows, which were partially offset by net outflows of $900 million from stock and blended asset funds.

T. Rowe Price reported net outflows of $2.2 billion from the firm's mutual funds for the quarter ended Dec. 31, driven by client transfers of $4.2 billion from the mutual funds to other T. Rowe portfolios. These client transfers were partially offset by inflows of $2 billion prior to the transfers. Other investment portfolios saw net inflows of $5.9 billion during the fourth quarter.

Regarding the Tax Cuts and Jobs Act of 2017, T. Rowe Price "is carefully evaluating the impact the U.S. tax reform will have on the firm, and factoring in the potential investment, operating expense, and capital management implications," the earnings statement said.

Net revenues were $1.29 billion for the fourth quarter of 2017, up 5.7% from the third quarter and up 18% from the fourth quarter of 2016. Net income, meanwhile, was $347.1 million, compared to net income of $390.9 million for the previous quarter and net income of $379.8 million for the year-earlier quarter.