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Money Management

T. Rowe Price assets rise 3.8% for quarter, 14.3% for year

T. Rowe Price Group reported assets under management of $1.084 trillion as of Sept. 30, up 3.8% from the end of the previous quarter and 14.3% higher than a year earlier, the company said Thursday in its quarterly earnings statement.

Net inflows in the quarter ended Sept. 30 were $2.7 billion, compared to net inflows of $7.6 billion in the prior quarter and net inflows of $5.9 billion in the year-earlier quarter.

By asset class, multiasset strategies attracted the highest net inflows of $2.4 billion in the third quarter 2018 vs. net inflows of $2.6 billion in the prior quarter. T. Rowe Price reported combined net flows for equity and multiasset class strategies in the third quarter 2017.

Combined reporting for fixed-income strategies and money market funds showed net inflows of $1 billion in the three-month period ended Sept. 30 vs. net inflows of $1.2 billion in the previous quarter and net inflows of $6.5 billion as a year earlier.

T. Rowe Price Group's equity strategies experienced net outflows of $700 million in the third quarter, net inflows of $3.8 billion in the previous quarter and net outflows of $600 million in the quarter ended Sept. 30, 2017.

By investment vehicle, T. Rowe Price mutual funds experienced net outflows after client transfers of $3.7 billion in the three months ended Sept. 30, compared to net outflows of $700 million in the prior quarter and net outflows of $5.1 billion in the quarter ended Sept. 30, 2017.

Other investment vehicles managed by T. Rowe Price had net inflows of $6.4 billion in the third quarter, compared to net inflows of $8.3 billion in the previous quarter and net inflows of $11 billion in the year-earlier quarter.

The company's net revenue in the third quarter was $1.395 billion, up 3.7% from the previous quarter and up 12.6% from the third quarter of 2017.

Net income in the quarter ended Sept. 30 increased 29.9% to $583 million from the previous quarter and up 49.1% over the same quarter a year earlier.

"In the third quarter, the combination of strong stock returns and solid net client inflows helped increase our assets under management," said William J. Stromberg, the company's president and CEO, in a news release accompanying Thursday's earnings report.

"We are pleased with the pace and diversity of new sales across geographies and channels and with our organic growth through the third quarter," Mr. Stromberg added.