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

Rhea-AI Summary

T. Rowe Price Group (NASDAQ-GS: TROW) reported preliminary month-end assets under management (AUM) of $1.61 trillion as of August 31, 2024. The firm experienced net outflows of $5.3 billion for August 2024. Despite the outflows, total AUM increased from $1.59 trillion in July to $1.61 trillion in August.

The breakdown of AUM by asset class as of August 31, 2024, was:

• Equity: $825 billion
• Fixed income, including money market: $183 billion
• Multi-asset: $553 billion
• Alternatives: $51 billion

Target date retirement portfolios accounted for $474 billion of the total AUM. Compared to the end of 2023, T. Rowe Price's AUM has grown by approximately $167 billion, with increases across all asset classes.

Positive

• Total assets under management increased to $1.61 trillion, up from $1.59 trillion in July 2024
• AUM growth of approximately $167 billion since December 31, 2023
• Increases in AUM across all asset classes compared to year-end 2023
• Target date retirement portfolios grew to $474 billion, up from $408 billion at the end of 2023

Negative

• Net outflows of $5.3 billion for August 2024

Insights

Financial Analyst

T. Rowe Price's latest AUM report reveals a mixed picture. While total AUM increased to $1.61 trillion, up 1.6% from July, the firm experienced net outflows of $5.3 billion in August. This outflow is concerning, potentially indicating reduced investor confidence or competitive pressures.

The equity segment showed strength, growing by 1.4% month-over-month to $825 billion. This could be attributed to market performance rather than new investments, given the overall outflows. The multi-asset category also performed well, increasing by 2.2% to $553 billion.

Year-to-date, T. Rowe Price has seen impressive growth of 11.6% in total AUM. However, the persistent outflows could pose challenges for future growth and profitability if not addressed.

Market Research Analyst

The outflows of $5.3 billion in August are a red flag, especially considering the broader market trends. This could indicate T. Rowe Price is losing market share to competitors, possibly due to fee pressure or underperformance in key funds.

Interestingly, the target date retirement portfolios showed robust growth, increasing by 2.2% month-over-month and 16.2% year-to-date. This suggests strength in the retirement solutions segment, which could be a key driver for future growth.

The alternatives segment, while small, has grown 6.3% year-to-date. This aligns with industry trends of increased investor interest in alternative investments for diversification and potential higher returns in a low-yield environment.

BALTIMORE, Sept. 12, 2024 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), today reported preliminary month-end assets under management of $1.61 trillion as of August 31, 2024. Preliminary net outflows for August 2024 were $5.3 billion.

The below table shows the firm's assets under management as of August 31, 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)		8/31/2024		7/31/2024		6/30/2024		12/31/2023
Equity		$            825		$            814		$            810		$            744
Fixed income, including money market		183		182		180		170
Multi-asset		553		541		529		483
Alternatives		51		50		50		48
Total assets under management		$         1,612		$         1,587		$         1,569		$         1,445
Target date retirement portfolios		$            474		$            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 serves millions of clients globally and manages $1.61 trillion in assets under management as of August 31, 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-august-2024-302246526.html

SOURCE T. Rowe Price Group

FAQ

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

T. Rowe Price reported preliminary total assets under management of $1.61 trillion as of August 31, 2024.

How much were the net outflows for T. Rowe Price (TROW) in August 2024?

T. Rowe Price experienced preliminary net outflows of $5.3 billion for August 2024.

What was the value of T. Rowe Price's (TROW) equity assets under management on August 31, 2024?

T. Rowe Price's equity assets under management were $825 billion as of August 31, 2024.

How much did T. Rowe Price's (TROW) target date retirement portfolios grow from December 31, 2023, to August 31, 2024?

T. Rowe Price's target date retirement portfolios grew from $408 billion on December 31, 2023, to $474 billion on August 31, 2024, an increase of $66 billion.