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Earnings Apr 26, 2024
The firm shed about half the outflows it did in Q1 2023, and far lower than the $28bn it bled the previous quarter.
By Tania Mitra
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After 2023 proved to be its worst ever year of outflows ($81bn), T. Rowe Price’s pace of redemptions in Q1 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 Q1 2023, and far lower than the $28bn it bled the previous quarter.
Outflows were concentrated in equity strategies, which shed $12.8bn, primarily in large and mid cap strategies. Alts shed $900m, as well. Fixed income and multi assets took in $200m and $5.5bn respectively. Most outflows came from the retail channel, which suffered $7.5bn in outflows.
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