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Friday, October 25, 2019

T. Rowe's AUM Rises, Despite Mister Market

Reported by InvestmentWires Staff, 

Net inflows are driving up T. Rowe's AUM, despite the markets.

The T. Rowe Price team released their Q3 2019 earnings yesterday, revealing that the Baltimore-based fund firm managed $1.126 trillion in AUM at the end of Q3, an increase from $1.125 trillion in Q2 2019 and an increase from $1.084 trillion in Q3 2018. As of September 30, 2019, T. Rowe Price employed 7,262 associates.

The firm beat the GAAP earnings per share expectations by 23 cents but missed revenue expectations by $10 million.

T. Rowe's increase in AUM came primarily from net inflows which totaled $2.5 billion, despite net market depreciation of $1 billion. Meanwhile, clients moved $7.5 billion in net assets from T. Rowe's U.S. mutual funds to other investment products such as collective trusts.

Bill Stromberg, president and CEO of T. Rowe Price, states that "net flows were primarily driven by multi-asset and fixed income, while equities experienced modest outflow." He also highlighted the firm's build-out in the broker-dealer channel.

Q3 investment advisory revenues from its U.S. mutual funds reportedly increased 0.4 percent from Q3 2018 to $881 million, and average mutual fund AUM increased 1.4 percent to $650.5 billion.  

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