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T. Rowe Price (TROW) Records 3.9% Sequential Rise in June AUM
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T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) for June 2023. The company’s month-end AUM of $1.40 trillion represented a 3.9% increase from the previous month, on the back of favorable market conditions.
TROW experienced net outflows of $6.7 billion in June and $20 billion in second-quarter 2023.
At the end of the reported month, equity products and multi-asset products aggregated $732 billion and $453 billion, up 5% and 4.4%, respectively, on a sequential basis. Alternative products aggregated $45 billion, remaining flat sequentially.
Fixed-income products, including the money market, constituted $169 billion, marginally declining from the previous month.
Nevertheless, TROW registered $380 billion in target date retirement portfolios in June, which increased 4.7% from the previous month.
A diversified business model, focus on enhancing investment capabilities, broadening distribution reach and improving client partnerships 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 are likely to hurt its revenues. Additionally, rising expenses might hinder bottom-line growth.
Over the past three months, shares of T. Rowe Price have gained 4.3% compared with the industry’s upside of 5.8%.
Franklin Resources, Inc. (BEN - Free Report) reported a preliminary AUM balance of $1,431.5 billion for June 2023. This reflects a 1.9% increase from $1,404.2 billion recorded as of May 31.
The increase in BEN's AUM balance was primarily due to the impact of favorable markets and slight long-term net inflows.
Cohen & Steers, Inc. (CNS - Free Report) reported preliminary AUM of $80.4 billion as of Jun 30, 2023, which reflects an increase of 3.3% from the prior-month level. Market appreciation of $2.9 billion and net inflows of $36 million supported the rise, while it was partially offset by the distribution of $391 million.
CNS recorded total institutional accounts of $33.3 billion at the end of June 2023, rising 3.7% from the May-end level. Of the total institutional accounts, advisory accounts were $18.8 billion, while the rest were sub-advisory.
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T. Rowe Price (TROW) Records 3.9% Sequential Rise in June AUM
T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) for June 2023. The company’s month-end AUM of $1.40 trillion represented a 3.9% increase from the previous month, on the back of favorable market conditions.
TROW experienced net outflows of $6.7 billion in June and $20 billion in second-quarter 2023.
At the end of the reported month, equity products and multi-asset products aggregated $732 billion and $453 billion, up 5% and 4.4%, respectively, on a sequential basis. Alternative products aggregated $45 billion, remaining flat sequentially.
Fixed-income products, including the money market, constituted $169 billion, marginally declining from the previous month.
Nevertheless, TROW registered $380 billion in target date retirement portfolios in June, which increased 4.7% from the previous month.
A diversified business model, focus on enhancing investment capabilities, broadening distribution reach and improving client partnerships 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 are likely to hurt its revenues. Additionally, rising expenses might hinder bottom-line growth.
Over the past three months, shares of T. Rowe Price have gained 4.3% compared with the industry’s upside of 5.8%.
Image Source: Zacks Investment Research
T. Rowe Price currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Franklin Resources, Inc. (BEN - Free Report) reported a preliminary AUM balance of $1,431.5 billion for June 2023. This reflects a 1.9% increase from $1,404.2 billion recorded as of May 31.
The increase in BEN's AUM balance was primarily due to the impact of favorable markets and slight long-term net inflows.
Cohen & Steers, Inc. (CNS - Free Report) reported preliminary AUM of $80.4 billion as of Jun 30, 2023, which reflects an increase of 3.3% from the prior-month level. Market appreciation of $2.9 billion and net inflows of $36 million supported the rise, while it was partially offset by the distribution of $391 million.
CNS recorded total institutional accounts of $33.3 billion at the end of June 2023, rising 3.7% from the May-end level. Of the total institutional accounts, advisory accounts were $18.8 billion, while the rest were sub-advisory.