T. ROWE PRICE GROUP REPORTS PRELIMINARY MONTH-END ASSETS UNDER MANAGEMENT FOR NOVEMBER 2024

Rhea-AI Summary

T. Rowe Price Group (TROW) reported preliminary assets under management (AUM) of $1.67 trillion as of November 30, 2024. The firm experienced net outflows of $6.4 billion during November, which includes a portion of a previously disclosed subadvisory redemption. The AUM breakdown shows: $859 billion in Equity, $187 billion in Fixed income including money market, $568 billion in Multi-asset, and $53 billion in Alternatives. Target date retirement portfolios stood at $491 billion. Compared to December 2023, total AUM increased from $1.45 trillion, showing significant growth across all asset classes.

Positive

• Total AUM increased 15.4% YoY from $1.45T to $1.67T
• Equity AUM grew 15.5% YoY from $744B to $859B
• Target date retirement portfolios increased 20.3% YoY from $408B to $491B
• Month-over-month AUM increased by $60B (3.7%)

Negative

• Net outflows of $6.4B in November 2024
• Significant subadvisory redemption impacting outflows

Insights

Financial Analyst

The $6.4 billion in net outflows during November represents a concerning trend for T. Rowe Price, particularly given this includes a portion of a previously disclosed subadvisory redemption. However, total AUM increased to $1.67 trillion, up 3.7% from October, driven by market appreciation. The equity segment showed strong growth, rising to $859 billion from $817 billion. Year-to-date performance is notable, with total AUM up 15.4% from December 2023. Target date retirement portfolios continue to be a bright spot, growing to $491 billion, indicating strong retirement business despite overall outflows. The persistent outflows remain a key challenge for TROW's revenue outlook, even as market gains help offset the impact.

Market Research Analyst

The mixed signals in TROW's November report reflect broader industry dynamics. While market appreciation boosted AUM, the continued outflows highlight the ongoing pressure active managers face from passive investment alternatives. The $6.4 billion outflow is significant and could impact future fee revenue. The growth in target date funds suggests resilience in retirement-focused products, but the outflows in other segments indicate challenges in retaining institutional assets. The year-over-year AUM growth of 15.4% is largely market-driven rather than organic growth, which may concern investors looking for sustainable business expansion. This performance needs to be viewed against the backdrop of a strong market rally in 2024 rather than company-specific execution.

BALTIMORE, Dec. 11, 2024 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), today reported preliminary month-end assets under management of $1.67 trillion as of November 30, 2024. Preliminary net outflows for November 2024 were $6.4 billion, which includes a portion of the previously disclosed subadvisory redemption.

The below table shows the firm's assets under management as of November 30, 2024, and for the prior month-, quarter-, and year-end by asset class and in the firm's target date retirement portfolios.

		As of
		Preliminary(a)
(in billions)		11/30/2024		10/31/2024		9/30/2024		12/31/2023
Equity		$            859		$            817		$            832		$            744
Fixed income, including money market		187		186		186		170
Multi-asset		568		551		561		483
Alternatives		53		53		52		48
Total assets under management		$         1,667		$         1,607		$         1,631		$         1,445
Target date retirement portfolios		$            491		$            474		$            482		$            408

(a) Preliminary - subject to adjustment

About T. Rowe Price

Founded in 1937, T. Rowe Price (NASDAQ – GS: TROW) helps individuals and institutions around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Clients rely on the award-winning firm for its retirement expertise and active management of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price serves millions of clients globally and manages $1.67 trillion in assets under management as of November 30, 2024. About two-thirds of the assets under management are retirement-related. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and troweprice.com/newsroom.

 

View original content:https://www.prnewswire.com/news-releases/t-rowe-price-group-reports-preliminary-month-end-assets-under-management-for-november-2024-302328937.html

SOURCE T. Rowe Price Group

FAQ

What was T. Rowe Price's (TROW) total AUM as of November 2024?

T. Rowe Price reported preliminary assets under management of $1.67 trillion as of November 30, 2024.

How much were TROW's net outflows in November 2024?

T. Rowe Price experienced net outflows of $6.4 billion in November 2024.

What was TROW's year-over-year AUM growth from December 2023 to November 2024?

TROW's AUM grew from $1.45 trillion in December 2023 to $1.67 trillion in November 2024, representing a 15.4% increase.

How much did TROW's equity assets increase from October to November 2024?

TROW's equity assets increased from $817 billion in October to $859 billion in November 2024, a $42 billion increase.

What was the value of TROW's target date retirement portfolios in November 2024?

TROW's target date retirement portfolios were valued at $491 billion as of November 30, 2024.