T Rowe outflows slow to $8bn in Q1, with multi-asset in demand (2024)

Earnings 26 Apr, 2024

The firm shed about half the outflows it did in the first quarter of 2023, and far lower than the $28bn it bled the previous quarter.

By Tania Mitra

T Rowe outflows slow to $8bn in Q1, with multi-asset in demand (2)

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After 2023 proved to be its worst ever year of outflows ($81bn), T Rowe Price’s pace of redemptions in the first quarter of this year has slowed, and net revenues have increased, according to the firm’s most recent earnings report.

In Q1, the Baltimore, MD-based asset manager shed $8bn, about half the outflows it had in the same period last year, and far lower than the $28bn it bled the previous quarter.

Outflows were concentrated in equity strategies, which saw $12.8bn of outflows, primarily in large and mid-cap strategies. Alternatives saw $900m, of redemptions as well. Fixed income and multi-asset took in $200m and $5.5bn respectively. Most outflows came from the retail channel, which suffered $7.5bn in redemptions.

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T Rowe outflows slow to $8bn in Q1, with multi-asset in demand (2024)

The firm shed about half the outflows it did in the first quarter of 2023, and far lower than the $28bn it bled the previous quarter.

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‘Are we doing that? No. Why not? Because we are one of the largest financial firms,' said Co-CEO Juan Delgado, on removing fees for semi-liquid products to make them attractive.

PRIYANKA BOGHANI & JAMES PHILLIPPS, CITYWIRE ASIA

Editors’ Picks

Get the latest news in your inbox

Private Banking

The bank said it wants to focus on serving the client segment directly through the private bank, instead of through a dedicated desk.

Investments

The firm shed about half the outflows it did in the first quarter of 2023, and far lower than the $28bn it bled the previous quarter.

CEO Captains

CIO Views

Concerns about soaring valuations and rising volatility led Aviva Investors' Peter Fitzgerald to more than halve equity exposure and take out protection on gold positions.

ESG

It’s ‘buckle my shoe’ for infrastructure, with a telling 32 mentions in the BlackRock boss’s annual investor letter as the US fund giant bets big on the growth of real assets.

References