T Rowe's quarterly profit beats estimates on tailwinds from market rally [Reuters]
T. Rowe Price Group, Inc. (TROW)
Last t. rowe price group, inc. earnings: 4/28 07:30 am
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Source: Reuters
April 26 (Reuters) - T Rowe Price's first-quarter profit beat expectations as an upswing in markets boosted its assets under management and softened the hit from outflows, it said on Friday. Asset managers have seen money leave their funds as high interest rates boost the appeal of safe-haven assets like cash. Some investors are also waiting for more certainty on the trajectory of interest rates before wading back into the market. But assets under management, which determines the fees managers charge, have still grown due to an increase in the value of investments. At the end of the quarter, T Rowe's AUM was $1.54 trillion, 15% higher than last year, despite $8 billion of net outflows. "While outflows will persist in 2024, we continue to believe that there will be substantial improvement this year driven by higher sales and lower redemptions," CEO Rob Sharps said. Report this ad Investment advisory fees, typically a percentage of the AUM, rose nearly 12%, to $1.55 billion
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TROW
Earnings
- 4/26/24 - Beat
TROW
Sec Filings
- 5/2/24 - Form 4
- 4/30/24 - Form 4
- 4/30/24 - Form 497
- TROW's page on the SEC website