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

Rhea-AI Summary

T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) reported preliminary month-end assets under management of $1.31 trillion as of October 31, 2023, with net outflows of $6.3 billion. The firm anticipates elevated outflows in November and December, forecasting each month to exceed $10 billion. The assets under management breakdown by asset class and target date retirement portfolios are also provided.

Positive

• None.

Negative

• The firm anticipates significant net outflows in the coming months, which could impact investor confidence and stock performance.

BALTIMORE, Nov. 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 October 31, 2023. Preliminary net outflows for October 2023 were $6.3 billion. As discussed on the Q3 earnings call, the firm expects outflows in November and December to be elevated based on a few large known terminations and regular seasonal patterns. The firm forecasts net outflows for each month to exceed $10 billion.

The below table shows the firm's assets under management as of October 31, 2023, 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)		10/31/2023		9/30/2023		12/31/2022
Equity		$            668		$            690		$            664
Fixed income, including money market		168		169		167
Multi-asset		429		440		400
Alternatives		47		47		44
Total assets under management		$         1,312		$         1,346		$         1,275
Target date retirement products		$            364		$            372		$            334
(a) Preliminary - subject to adjustment

 

Forward-Looking Statements

Certain statements in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to T. Rowe Price's future financial or business performance, strategies, or expectations, and include, but are not limited to, statements regarding future net outflows and the actual or potential impact of the outflows on our business, operations or financial results. T. Rowe Price cautions that forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking statements, and future results could differ materially from historical performance. Forward-looking statements speak only as of the date they are made, and T. Rowe Price assumes no duty to and does not undertake to update forward-looking statements.

About T. Rowe Price

Founded in 1937, T. Rowe Price (NASDAQ - GS: TROW) helps people 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. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages $1.31 trillion in assets under management as of October 31, 2023, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and troweprice.com/newsroom.

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SOURCE T. Rowe Price Associates, Inc.

FAQ

What are T. Rowe Price Group, Inc.'s preliminary month-end assets under management as of October 31, 2023?

T. Rowe Price Group, Inc. reported preliminary month-end assets under management of $1.31 trillion as of October 31, 2023.

What were the net outflows for T. Rowe Price Group, Inc. in October 2023?

T. Rowe Price Group, Inc. experienced net outflows of $6.3 billion in October 2023.

What does T. Rowe Price Group, Inc. anticipate for outflows in November and December?

T. Rowe Price Group, Inc. expects elevated outflows in November and December, forecasting each month to exceed $10 billion.

What is the breakdown of T. Rowe Price Group, Inc.'s assets under management by asset class and target date retirement portfolios?

The breakdown of T. Rowe Price Group, Inc.'s assets under management includes equity, fixed income, multi-asset, alternatives, and target date retirement products.