T. Rowe Price Records 1.1% Sequential Rise in July AUM

T. Rowe Price Group, Inc. TROW announced its preliminary assets under management of $1.59 trillion for July 2024. The figure reflected a sequential increase of 1.1%.

TROW experienced net inflows of $2 billion in July 2024.

At the end of July, TROW's equity products aggregated $814 billion, which increased marginally from the previous month's level. Fixed income (including money market) rose 1.1% to $182 billion. Further, multi-asset products were $541 billion, which increased 2.3% from the previous month.

Alternative products of $50 billion remained unchanged from the prior month's level.

T. Rowe Price registered $464 billion in target date retirement portfolios in July 2024, which increased 2.4% 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. Also, T. Rowe Price's bottom-line growth continues to suffer from high costs.

Over the past three months, shares of T. Rowe Price have lost 1.6% against the industry's 2% growth.

Image Source: Zacks Investment Research

Currently, TROW carries a Zacks Rank #3 (Hold).

Performance of Other Asset Managers

Franklin Resources, Inc. reported its preliminary AUM of $1.66 trillion as of Jul 31, 2024. This reflected an increase of 1% from the prior month's level.

The improvement in BEN's AUM balance was primarily due to the impact of positive markets, partially offset by long-term net outflows.

Cohen & Steers, Inc. CNS reported its preliminary AUM of $84.6 billion as of Jul 31, 2024. This reflected a rise of 4.8% from the prior month's level.

The increase in CNS' AUM balance was driven by the market appreciation of $41 billion, partially offset by net outflows of $45 million and distributions of $153 million.

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