T. Rowe Price Group said Thursday its total assets under management rose 7.4% to $1.31 trillion during the three months ended Sept. 30. The Baltimore-based manager also reported it acquired the assets of a $1.2 billion fund from PNC Bank in September.
The investment strategy that T. Rowe acquired, PNC Stable Value Fund, is now being managed in the T. Rowe Price Stable Value Common Trust Fund, a spokesman said in an email. Terms of the transaction were not disclosed.
The transaction brings T. Rowe's total stable value assets to more than $30 billion, as of Sept. 30, the spokesman said.
T. Rowe also reported the acquired assets in its third quarter earnings release, published Thursday.
The firm's 7.4% increase in AUM to $1.31 trillion over the three months ended Sept. 30 was driven by market appreciation and partially offset by net cash outflows of $5.3 billion, T. Rowe's earnings release said.
Over the year ended Sept 30., the money manager's assets rose 16.3% from $1.13 trillion.
During the third quarter, the firm experienced net outflows of $5.3 billion, despite "solid performance," due to "ongoing pressure from passive in U.S. equity, as well as a few institutional losses in U.S. defined contribution and some participant-level headwinds from the CARES Act," the earnings release said.
Net revenues during the three months ended Sept. 30 were $1.6 billion, up 12.7% from the second quarter and up 11.9% from the year-earlier quarter.
