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Franklin Resources, Inc. (BEN) - free report >>
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Franklin Resources, Inc. (BEN) - free report >>
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T. Rowe Price's (TROW) May AUM Improves 3.8% Sequentially
T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) of $1.54 trillion for May 2024. The figure reflected a sequential increase of 3.8%.
TROW experienced net inflows of $6.7 billion in May 2024.
At the end of May, TROW’s equity products aggregated $790 billion, which increased 3.7% from the previous month’s level. Fixed income (including money market) rose 6.5% to $180 billion. Further, multi-asset products were $524 billion, which jumped 3.6% from the previous month.
Alternative products of $48 billion remained unchanged from the prior month’s level.
T. Rowe Price registered $447 billion in target date retirement portfolios in May 2024, which increased 3.5% from the prior month.
The company’s diversified business model and efforts to broaden distribution reach to international markets and strategic acquisitions will support its top-line growth in the upcoming period. However, the company’s overdependence on investment advisory fees is concerning. Escalating expenses will likely affect the company’s bottom-line growth.
Over the past three months, shares of T. Rowe Price have risen 3% compared with the industry’s 1.9% growth.
Currently, TROW carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Franklin Resources, Inc. (BEN - Free Report) reported its preliminary AUM of $1.64 trillion asof May 31, 2024. This reflected an increase of 2% from the prior month’s level.
The improvement in AUM balance was primarily due to the impact of positive markets, partially offset by long-term net outflows.
Virtus Investment Partners, Inc. (VRTS - Free Report) recorded a sequential increase of 1.9% in its preliminary AUM balance for May 2024. VRTS reported a month-end AUM of $173.3 billion, indicating a rise from the Apr 31, 2024, level of $170.1 billion. The company offered services to $2.6 billion of other fee-earning assets. This was excluded from the above-mentioned AUM balance.