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

Rhea-AI Summary

T. Rowe Price Group (NASDAQ-GS: TROW) reported preliminary assets under management (AUM) of $1.59 trillion as of July 31, 2024. The firm experienced net outflows of $2.0 billion for the month. Key highlights include:

- Equity AUM: $814 billion
- Fixed income (including money market): $182 billion
- Multi-asset: $541 billion
- Alternatives: $50 billion
- Target date retirement products: $464 billion

Compared to the previous quarter-end (June 30, 2024), total AUM increased from $1.569 trillion to $1.587 trillion. Year-over-year growth is evident, with AUM rising from $1.445 trillion at the end of 2023.

Positive

• Total assets under management increased to $1.587 trillion, up from $1.569 trillion in the previous quarter
• Year-over-year growth in AUM from $1.445 trillion at the end of 2023 to $1.587 trillion
• Equity AUM grew to $814 billion from $810 billion in the previous quarter
• Target date retirement products AUM increased to $464 billion from $453 billion in the previous quarter

Negative

• Preliminary net outflows of $2.0 billion for July 2024

Insights

Financial Analyst

T. Rowe Price's latest AUM report reveals a mixed picture. The firm's total AUM increased to $1.59 trillion, up 1.1% from June and 9.8% YoY. However, net outflows of $2.0 billion in July are concerning, indicating potential client dissatisfaction or market-driven reallocations. The equity segment, comprising 51.3% of total AUM, saw minimal growth, while multi-asset portfolios showed stronger performance with a 2.3% monthly increase. Target date retirement products, a key offering, grew by 2.4% to $464 billion, outpacing overall AUM growth. This suggests continued demand for retirement solutions despite broader outflows.

Market Research Analyst

The asset management industry is facing headwinds and T. Rowe Price's report reflects these challenges. The net outflows of $2.0 billion align with industry trends of investors moving away from actively managed funds towards passive options. However, T. Rowe's multi-asset and target date products are showing resilience, likely due to their appeal in uncertain markets. The firm's total AUM growth appears to be primarily driven by market appreciation rather than new inflows, which could be a concern for long-term revenue stability. Competitors like BlackRock and Vanguard, with stronger passive offerings, may be better positioned in the current market environment.

BALTIMORE, Aug. 12, 2024 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), today reported preliminary month-end assets under management of $1.59 trillion as of July 31, 2024. Preliminary net outflows for July 2024 were $2.0 billion.

The below table shows the firm's assets under management as of July 31, 2024, and for the prior quarter- and year-end by asset class and in the firm's target date retirement portfolios.

		As of
		Preliminary(a)
(in billions)		7/31/2024		6/30/2024		12/31/2023
Equity		$            814		$            810		$            744
Fixed income, including money market		182		180		170
Multi-asset		541		529		483
Alternatives		50		50		48
Total assets under management		$         1,587		$         1,569		$         1,445
Target date retirement products		$            464		$            453		$            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 has $1.59 trillion in assets under management as of July 31, 2024, and serves millions of clients globally. 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-july-2024-302219855.html

SOURCE T. Rowe Price Group

FAQ

What was T. Rowe Price Group's (TROW) total assets under management as of July 31, 2024?

T. Rowe Price Group (TROW) reported preliminary total assets under management of $1.59 trillion as of July 31, 2024.

How much were T. Rowe Price Group's (TROW) net outflows in July 2024?

T. Rowe Price Group (TROW) reported preliminary net outflows of $2.0 billion for July 2024.

What was T. Rowe Price Group's (TROW) equity assets under management as of July 31, 2024?

T. Rowe Price Group's (TROW) equity assets under management were $814 billion as of July 31, 2024.

How much did T. Rowe Price Group's (TROW) assets under management increase from December 31, 2023 to July 31, 2024?

T. Rowe Price Group's (TROW) assets under management increased from $1.445 trillion on December 31, 2023, to $1.587 trillion on July 31, 2024, a growth of $142 billion.