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T. Rowe Price (TROW) Gains 3.7% as January AUM Rises to $1.35T

T. Rowe Price Group, Inc.’s TROW shares have gained 3.7% since the announcement of its preliminary assets under management (AUM) of $1.35 trillion as of Jan 31, 2023. This reflects a 5.8% increase from the prior month’s $1.28 trillion.

Client transfers from mutual funds to other portfolios, including trusts and separate accounts, were $1.1 billion for January 2023.

T. Rowe Price’s total U.S. mutual fund balance was $662 billion, up 5.4% from the December 2022 level. Of the total U.S. mutual funds balance, almost 89% comprised investments in equity and blended assets, while the remaining came from fixed income, including the money-market portfolio.

T. Rowe Price’s total sub-advised and separate accounts, and other investment products were worth $687 billion, marking 6.2% growth from the prior month. Of this, equity and blended assets, accounting for $547 billion, were up 7.3% sequentially. While fixed-income products, including the money market, constituted $96 billion (up 3.2% sequentially), alternative products aggregated $44 billion (flat sequentially) of total other investment portfolios.

Additionally, TROW registered $358 billion in target date retirement portfolios, which rose 7.2% from the previous month.

TROW remains focused on its long-term strategies for delivering outstanding investment performance. The company also assumes that focusing on fundamentals will accelerate its effort to meet clients’ expectations. Given the upbeat market performance, the overall AUM balance for January improved from the prior month.

Over the past three months, shares of T. Rowe Price have lost 4% against the industry’s gain of 3.4%.

Zacks Investment Research
Zacks Investment Research

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The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Competitive Landscape

Franklin Resources, Inc. BEN reported a preliminary AUM balance of $1,451.9 billion for January 2023. This reflects a 4.6% increase from $1,387.7 billion recorded at the end of the prior month.

The rise in BEN’s AUM balance was primarily driven by the impact of positive markets and cash management net inflows, partially offset by long-term net outflows.

AllianceBernstein Holding L.P.’s AB AUM of $680 billion for January 2023 represented a rise of 5.3% from $646 billion recorded at the end of the prior month. The upside was driven by market appreciation, partially offset by net outflows in each channel.

AllianceBernstein’s global reach and solid asset balances are likely to continue to boost top-line growth.

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