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T. Rowe Price's (TROW) April AUM Declines 3.7% Sequentially
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T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) of $1.48 trillion for April 2024. The figure reflected a sequential decline of 3.7%.
TROW experienced net outflows of $7.8 billion in April 2024.
At the end of April, TROW’s equity products aggregated $762 billion, which dropped 5.1% from the previous month’s level. Fixed income (including money market) declined 1.2% to $169 billion. Further, multi-asset products were $506 billion, which dipped 2.7% from the previous month.
Alternative products of $48 billion remained unchanged from the prior month’s level.
T. Rowe Price registered $432 billion in target date retirement portfolios in April 2024, which declined 2.5% from the prior month.
The company’s diversified business model and efforts to broaden its distribution reach through strategic acquisitions will likely support its top-line growth in the future. 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.
Over the past three months, shares of T. Rowe Price have risen 4.9% compared with the industry’s 2.3% growth. Image Source: Zacks Investment Research
Franklin Resources, Inc. (BEN - Free Report) reported its preliminary AUM of $1.60 trillion as of Apr 30, 2024. This reflected a decrease of 2.5% from the prior month’s level.
The decline in BEN's AUM balance was primarily due to the impact of negative markets and long-term net outflows, including $5.9 billion related to the $25 billion AUM received from the Great-West Lifeco acquisition.
Virtus Investment Partners, Inc. (VRTS - Free Report) recorded a sequential decline of nearly 5.2% in its preliminary AUM balance for April 2024. The company reported a month-end AUM of $170.06 billion, which declined from $179.31 billion as of Mar 31, 2024.
VRTS offered services to $2.6 billion of other fee-earning assets. This was excluded from the above-mentioned AUM balance.
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T. Rowe Price's (TROW) April AUM Declines 3.7% Sequentially
T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) of $1.48 trillion for April 2024. The figure reflected a sequential decline of 3.7%.
TROW experienced net outflows of $7.8 billion in April 2024.
At the end of April, TROW’s equity products aggregated $762 billion, which dropped 5.1% from the previous month’s level. Fixed income (including money market) declined 1.2% to $169 billion. Further, multi-asset products were $506 billion, which dipped 2.7% from the previous month.
Alternative products of $48 billion remained unchanged from the prior month’s level.
T. Rowe Price registered $432 billion in target date retirement portfolios in April 2024, which declined 2.5% from the prior month.
The company’s diversified business model and efforts to broaden its distribution reach through strategic acquisitions will likely support its top-line growth in the future. 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.
Over the past three months, shares of T. Rowe Price have risen 4.9% compared with the industry’s 2.3% growth.
Image Source: Zacks Investment Research
Currently, TROW sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Performance of Other Asset Managers
Franklin Resources, Inc. (BEN - Free Report) reported its preliminary AUM of $1.60 trillion as of Apr 30, 2024. This reflected a decrease of 2.5% from the prior month’s level.
The decline in BEN's AUM balance was primarily due to the impact of negative markets and long-term net outflows, including $5.9 billion related to the $25 billion AUM received from the Great-West Lifeco acquisition.
Virtus Investment Partners, Inc. (VRTS - Free Report) recorded a sequential decline of nearly 5.2% in its preliminary AUM balance for April 2024. The company reported a month-end AUM of $170.06 billion, which declined from $179.31 billion as of Mar 31, 2024.
VRTS offered services to $2.6 billion of other fee-earning assets. This was excluded from the above-mentioned AUM balance.