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T. Rowe Price's (TROW) May AUM Declines 1% on Weaker Markets
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T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) for May 2023. The company’s month-end AUM of $1,346 billion represented a 1% decrease from the previous month, impacted by unfavorable market returns.
TROW experienced net outflows of $9.6 billion during the month.
At the end of the reported month, equity products, accounting for $697 billion, were down marginally on a sequential basis. Multi-asset products of $434 billion decreased by 1% sequentially. Fixed-income products including the money market constituted $170 billion, down 1% from the prior month. It registered $363 billion in target date retirement portfolios which decreased 1% sequentially.
Additionally, TROW’s alternative products aggregated $45 billion, remaining flat sequentially.
A diversified business model, broadening distribution reach and improving client partnerships through buyouts are expected to aid TROW’s long-term growth. However, increased dependence on investment advisory fees is concerning, as market fluctuations and a sudden slowdown in overall business activities might hurt this revenue source. Also, rising expenses might hinder bottom-line growth.
Over the past three months, shares of T. Rowe Price have gained 3.8% compared with the industry’s growth of 7%.
Cohen & Steers (CNS - Free Report) reported preliminary AUM of $77.9 billion as of May 31, 2023, which reflected a decrease of 3.8% from the prior-month level. Market appreciation of $2.4 billion, net outflows of $461 million and distributions of $181 million led to the decline.
CNS recorded total institutional accounts of $32.1 billion at the end of May 2023, falling 3.5% from the April-end level. Of the total institutional accounts, advisory accounts were $18.3 billion, while the rest were sub-advisory.
Victory Capital Holdings (VCTR - Free Report) reported AUM of $154.8 billion for May 2023. This reflected a 1.8% decrease from $157.6 billion reported as of Apr 30, 2023.
By asset classes, at the end of May, VCTR’s U.S. Mid Cap Equity AUM declined 4.1% from the April level to $27.8 billion. The U.S. Small Cap Equity AUM of $14.6 billion decreased 3.1%. However, the U.S. Large Cap Equity AUM remained almost flat to $11.5 billion. The Global/Non-U.S. Equity AUM was down 2.9% to $14.8 billion.
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T. Rowe Price's (TROW) May AUM Declines 1% on Weaker Markets
T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) for May 2023. The company’s month-end AUM of $1,346 billion represented a 1% decrease from the previous month, impacted by unfavorable market returns.
TROW experienced net outflows of $9.6 billion during the month.
At the end of the reported month, equity products, accounting for $697 billion, were down marginally on a sequential basis. Multi-asset products of $434 billion decreased by 1% sequentially. Fixed-income products including the money market constituted $170 billion, down 1% from the prior month. It registered $363 billion in target date retirement portfolios which decreased 1% sequentially.
Additionally, TROW’s alternative products aggregated $45 billion, remaining flat sequentially.
A diversified business model, broadening distribution reach and improving client partnerships through buyouts are expected to aid TROW’s long-term growth. However, increased dependence on investment advisory fees is concerning, as market fluctuations and a sudden slowdown in overall business activities might hurt this revenue source. Also, rising expenses might hinder bottom-line growth.
Over the past three months, shares of T. Rowe Price have gained 3.8% compared with the industry’s growth of 7%.
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T. Rowe Price currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Cohen & Steers (CNS - Free Report) reported preliminary AUM of $77.9 billion as of May 31, 2023, which reflected a decrease of 3.8% from the prior-month level. Market appreciation of $2.4 billion, net outflows of $461 million and distributions of $181 million led to the decline.
CNS recorded total institutional accounts of $32.1 billion at the end of May 2023, falling 3.5% from the April-end level. Of the total institutional accounts, advisory accounts were $18.3 billion, while the rest were sub-advisory.
Victory Capital Holdings (VCTR - Free Report) reported AUM of $154.8 billion for May 2023. This reflected a 1.8% decrease from $157.6 billion reported as of Apr 30, 2023.
By asset classes, at the end of May, VCTR’s U.S. Mid Cap Equity AUM declined 4.1% from the April level to $27.8 billion. The U.S. Small Cap Equity AUM of $14.6 billion decreased 3.1%. However, the U.S. Large Cap Equity AUM remained almost flat to $11.5 billion. The Global/Non-U.S. Equity AUM was down 2.9% to $14.8 billion.