T. Rowe Price Group on Thursday reported $738.4 billion in assets under management as of June 30, up 3.8% from the end of the first quarter and up 20.3% from a year earlier.
Net outflows during the second quarter were $200 million, compared with net inflows of $8.8 billion in the first quarter. Market appreciation and income totaled $27.2 billion in the second quarter.
Mutual fund assets totaled $470.9 billion at the end of the second quarter, up 4.6% from March 31 and up 24% from a year earlier.
Net income for the quarter came to $305.8 million, up 0.5% from the previous quarter and 23.4% higher than the second quarter of 2013. Net revenue, meanwhile, totaled $984.3 million, up 3.1% from three months earlier and up 15.2% from the year-earlier quarter.
As of June 30, $140.6 billion was in T. Rowe Price’s target-date portfolios — $120.9 billion in target-date funds and $19.7 billion in target-date trusts. The total target-date AUM was up 8.5% from the first quarter and 38.7% higher than the second quarter of 2013.
“Target-date funds continued to exhibit strong net flow momentum, with T. Rowe gathering an estimated $4.6 billion of target-date net flows in the quarter,” wrote Christopher Shutler, equity research analyst at William Blair & Co. in a note to clients. “This was the third consecutive quarter in which target-date flows exceeded $4 billion, bringing the three-quarter total to about $15 billion.”