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T. Rowe Price's (TROW) February AUM Down 2.6% to $1.31T

T. Rowe Price Group, Inc. TROW announced its preliminary assets under management (AUM) of $1.31 trillion as of Feb 28. This reflects a 2.6% decrease from the prior month’s $1.35 trillion.

Client transfers from mutual funds to other portfolios, including trusts and separate accounts, were $0.2 billion for February 2023.

T. Rowe Price’s total U.S. mutual fund balance was $644 billion, down 2.7% from January 2023 level. Of the total U.S. mutual funds balance, almost 88.5% 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 $670 billion, marking 2.5% decline from the prior month. Of this, equity and blended assets, accounting for $531 billion, were down 4.5% sequentially. While fixed-income products, including the money market, constituted $95 billion (down 1% sequentially), alternative products aggregated $44 billion (flat sequentially) of total other investment portfolios.

Additionally, TROW registered $351 billion in target date retirement portfolios, which declined 2% from the previous month.

In near term, a challenging operating backdrop will continue to adversely impact TROW’s AUM balance. Nonetheless, a diversified business model, focus on enhancing investment capabilities, broadening distribution reach and improving client partnerships will aid long-term growth.

Over the past three months, shares of T. Rowe Price have lost 11.4% compared with the industry’s decline of 6.8%.

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

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.

Two brokerage firms, Charles Schwab SCHW and LPL Financial Holdings Inc. LPLA will report their monthly performance metrics later this month.

At present, Charles Schwab carries a Zacks Rank of 4 (Sell) and LPL Financial has a Zacks Rank #3.

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