T. Rowe Price Group's assets under management slumped to $1.008 trillion as of March 31, down 16.4% from Dec. 31 and down 6.7% as of March 31, 2019, the company reported Tuesday in its earnings release.
Net outflows for the first quarter were $6 billion. The company previously reported $2.8 billion in net inflows for the fourth quarter and $5.4 billion in inflows for the first quarter of 2019.
By asset class, fixed-income strategies and money market funds, which are combined in the report, experienced $3 billion in net inflows during the first quarter, vs. net outflows of $100 million during the fourth quarter and $1.5 billion in inflows during the first quarter of 2019.
Multiasset strategies saw net outflows of $3.3 billion during the quarter, compared to net inflows of $2.9 billion in the previous quarter and $3.2 billion in net inflows in the prior-year quarter, according to earlier earnings statements.
Equity net outflows were $5.7 billion in the first quarter, compared to no net flows in the fourth quarter and net inflows of $700 million during the first quarter of last year.
By investment vehicle, T. Rowe Price U.S. mutual funds had net outflows of $11.9 billion, for which client transfers contributed $4.4 billion in outflows. Subadvised and separate accounts had net outflows of $3.5 million. Other investment products had $9.4 billion in net inflows.