T. ROWE PRICE GROUP REPORTS PRELIMINARY MONTH-END ASSETS UNDER MANAGEMENT FOR MARCH 2023

Rhea-AI Summary

T. Rowe Price Group, Inc. (TROW) reported $1.34 trillion in preliminary assets under management as of March 31, 2023. This reflects a net outflow of $4.5 billion in March 2023. The firm also noted client transfers from mutual funds to other portfolios amounting to $0.3 billion for March, totaling $1.6 billion for the quarter. Most of these transfers were directed towards target date retirement trusts, which saw $1.3 billion shifted during the quarter, although March transfers were negligible. T. Rowe Price is set to release its Q1 2023 earnings on May 2, 2023.

Positive

• Reported assets under management increased from $1.31 trillion at the end of February to $1.34 trillion by March 31, 2023.
• Target date retirement products reached $361 billion in AUM, up from $351 billion the previous month.

Negative

• Net outflows of $4.5 billion in March indicate potential investor dissatisfaction.
• Client transfers to target date retirement trusts were negligible in March, highlighting possible challenges in that product area.

BALTIMORE, April 13, 2023 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), today reported preliminary month-end assets under management of $1.34 trillion as of March 31, 2023. Preliminary net outflows for March 2023 were $4.5 billion.

The below table shows the firm's assets under management as of March 31, 2023, and for the prior month- and year-end by investment vehicle, by asset class, and in the firm's target date retirement portfolios. Investment vehicle assets under management also reflect client transfers from mutual funds to other portfolios, including trusts and separate accounts, of $0.3 billion in March 2023, and $1.6 billion for the quarter ended March 31, 2023. These client transfers include $1.3 billion transferred to the target date retirement trusts during the quarter-to-date period. Client transfers to the target date retirement trusts were negligible for the month of March.

 

		As of
		Preliminary(a)
(in billions)		3/31/2023		2/28/2023		12/31/2022
U.S. mutual funds
Equity		$            386		$            379		$            370
Fixed income, including money market		74		74		74
Multi-asset		196		191		184
		656		644		628
Subadvised and separate accounts and other investment products
Equity		309		301		294
Fixed income, including money market		97		95		93
Multi-asset		236		230		216
Alternatives		44		44		44
		686		670		647
Total assets under management		$         1,342		$         1,314		$         1,275
Target date retirement products		$            361		$            351		$            334

 

^{(a) Preliminary - subject to adjustment}

T. Rowe Price will release Q1 2023 earnings on Tuesday, May 2, 2023 at 7:00 AM ET. The company will host an earnings call from 8:00 – 8:45 AM ET that day. To access the webcast and accompanying materials, visit the company's investor relations website at: investors.troweprice.com

Founded in 1937, Baltimore-based T. Rowe Price (troweprice.com) is a global investment management organization that provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The organization also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.

T. ROWE PRICE CONTACTS:

Public Relations			Investor Relations
Dasha Smith			Linsley Carruth
410-345-3715			410-345-3717
dasha.smith@troweprice.com			linsley.carruth@troweprice.com

 

View original content:https://www.prnewswire.com/news-releases/t-rowe-price-group-reports-preliminary-month-end-assets-under-management-for-march-2023-301796695.html

SOURCE T. Rowe Price Group, Inc.

FAQ

What were TROW's assets under management as of March 31, 2023?

T. Rowe Price reported preliminary assets under management of $1.34 trillion as of March 31, 2023.

What were the net outflows for TROW in March 2023?

T. Rowe Price experienced net outflows of $4.5 billion in March 2023.

What will be the date for TROW's Q1 2023 earnings release?

T. Rowe Price will release its Q1 2023 earnings on May 2, 2023.

How much did TROW transfer to target date retirement trusts in Q1 2023?

In the quarter ended March 31, 2023, T. Rowe Price transferred $1.3 billion to target date retirement trusts.