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

Rhea-AI Summary

T. Rowe Price Group (NASDAQ: TROW) reported preliminary assets under management of $1.31 trillion as of February 28, 2023, marking a decrease from $1.35 trillion in January 2023. The company experienced net outflows of $5.9 billion in February 2023, driven by client transfers from mutual funds to target date retirement products totaling $0.2 billion for the month and $1.3 billion for the quarter to date. The firm manages various investment vehicles, including U.S. mutual funds, with equity assets at $379 billion and fixed income at $74 billion.

Positive

• Total assets under management remain high at $1.31 trillion.
• Client transfers to target date retirement products indicate a strategic shift in investment focus.

Negative

• Net outflows of $5.9 billion may indicate declining investor confidence.
• Assets under management decreased from $1.35 trillion in January 2023, suggesting potential challenges.

BALTIMORE, March 10, 2023 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), today reported preliminary month-end assets under management of $1.31 trillion as of February 28, 2023. Preliminary net outflows for February 2023 were $5.9 billion.

The below table shows the firm's assets under management as of February 28, 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 of $0.2 billion in February 2023, and $1.3 billion for the quarter-to-date period ended February 28, 2023, all of which were transfers to the target date retirement trusts.

		As of
		Preliminary(a)
(in billions)		2/28/2023		1/31/2023		12/31/2022
U.S. mutual funds
Equity		$            379		$            391		$            370
Fixed income, including money market		74		75		74
Multi-asset		191		196		184
		644		662		628
Subadvised and separate accounts and other investment products
Equity		301		313		294
Fixed income, including money market		95		96		93
Multi-asset		230		234		216
Alternatives		44		44		44
		670		687		647
Total assets under management		$         1,314		$         1,349		$         1,275
Target date retirement products		$            351		$            358		$            334

 

(a) Preliminary - subject to adjustment

 

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.

 

View original content:https://www.prnewswire.com/news-releases/t-rowe-price-group-reports-preliminary-month-end-assets-under-management-for-february-2023-301768705.html

SOURCE T. Rowe Price Group, Inc.

FAQ

What are the preliminary assets under management for TROW as of February 2023?

T. Rowe Price reported preliminary assets under management of $1.31 trillion as of February 28, 2023.

What were the net outflows for T. Rowe Price in February 2023?

T. Rowe Price experienced net outflows of $5.9 billion in February 2023.

How much did TROW's assets under management decrease from January to February 2023?

TROW's assets under management decreased from $1.35 trillion in January 2023 to $1.31 trillion in February 2023.

What strategic client transfers did TROW report in February 2023?

In February 2023, TROW reported client transfers to target date retirement products totaling $0.2 billion.