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The Charles Schwab Corporation (SCHW) - $25 value - yours FREE >>
T. Rowe Price Group, Inc. (TROW) - $25 value - yours FREE >>
LPL Financial Holdings Inc. (LPLA) - $25 value - yours FREE >>
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T. Rowe Price's (TROW) February AUM Down 2.6% to $1.31T
T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) of $1.31 trillion as of Feb 28. This reflects a 2.6% decrease from the prior month’s $1.35 trillion.
Client transfers from mutual funds to other portfolios, including trusts and separate accounts, were $0.2 billion for February 2023.
T. Rowe Price’s total U.S. mutual fund balance was $644 billion, down 2.7% from January 2023 level. Of the total U.S. mutual funds balance, almost 88.5% comprised investments in equity and blended assets, while the remaining came from fixed income, including the money-market portfolio.
T. Rowe Price’s total sub-advised and separate accounts, and other investment products were worth $670 billion, marking 2.5% decline from the prior month. Of this, equity and blended assets, accounting for $531 billion, were down 4.5% sequentially. While fixed-income products, including the money market, constituted $95 billion (down 1% sequentially), alternative products aggregated $44 billion (flat sequentially) of total other investment portfolios.
Additionally, TROW registered $351 billion in target date retirement portfolios, which declined 2% from the previous month.
In near term, a challenging operating backdrop will continue to adversely impact TROW’s AUM balance. Nonetheless, a diversified business model, focus on enhancing investment capabilities, broadening distribution reach and improving client partnerships will aid long-term growth.
Over the past three months, shares of T. Rowe Price have lost 11.4% compared with the industry’s decline of 6.8%.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Two brokerage firms, Charles Schwab (SCHW - Free Report) and LPL Financial Holdings Inc. (LPLA - Free Report) will report their monthly performance metrics later this month.
At present, Charles Schwab carries a Zacks Rank of 4 (Sell) and LPL Financial has a Zacks Rank #3.