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Franklin Resources, Inc. (BEN) - free report >>
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Franklin Resources, Inc. (BEN) - free report >>
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T. Rowe Price's (TROW) March AUM Increases 2.4% to $1.54T
T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) of $1.54 trillion for March 2024. The figure reflected a 2.4% rise from the previous month.
TROW experienced net outflows of $1.2 billion in March 2024.
At the end of March, TROW’s equity and multi-asset products aggregated $803 billion and $520 billion, rising 2.3% and 3.2%, respectively, on a sequential basis. Alternative products of $48 billion remained unchanged while fixed income (including money market) products grew 1.2% from February 2024.
Further, T. Rowe Price registered $443 billion in target date retirement portfolios in March 2024, which grew 3.5% from the prior month.
A diversified business model, focus on enhancing investment capabilities, broadening distribution reach and investing in new product offerings are expected to aid TROW’s long-term growth.
However, the company’s overdependence on investment advisory fees is concerning. This is because market fluctuations and a sudden slowdown in overall business activities are likely to hurt its revenues. Additionally, a rising cost base could hamper its bottom-line growth.
Over the past six months, shares of T. Rowe Price have risen 17% compared with the industry’s 30.2% growth.
Image Source: Zacks Investment Research
TROW currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Competitive Landscape
Invesco (IVZ - Free Report) reported preliminary AUM for March 2024. The company’s month-end AUM of $1.66 trillion represented a 2% rise from the previous month.
IVZ’s AUM was positively impacted by favorable market returns, which raised the figure by $29 billion. However, FX affected the AUM balance by $1.1 billion.
Franklin Resources, Inc. (BEN - Free Report) reported its preliminary month-end AUM of $1.64 trillion as of Mar 31, 2024. This reflected an increase of 1.4% from the prior month’s level.
BEN’s AUM was boosted by the upbeat markets and long-term net inflows of $6.9 billion. This included $13.6 billion related to Great-West Lifeco, partially offset by a fixed-income institutional client redemption of $2 billion.