T. Rowe Price Group (TROW) reported earnings today for the quarter that ended in March. It reported earnings per share or EPS of $1.74, exceeding Wall Street expectations by $0.04 and representing a substantial rise on a YoY (year-over-year) basis, mainly because of the reduction in corporate taxes. The company reported strong results in 1Q18 despite negative momentum in the equity markets.
T. Rowe Price posted total assets under management or AUM of $1.01 trillion at the end of 1Q18, which reflects a rise of $23.1 billion sequentially. Of the total AUM in 1Q18, the company’s US mutual funds contributed $612.9 billion while other investment products contributed $140.9 billion. However, the company’s AUM in sub-advised and separately managed accounts amounted to $260.4 billion.
T. Rowe’s revenues in 1Q18
T. Rowe Price generated revenues amounting to $1.33 billion in 1Q18, which exceeds expectations by $50 million. The company’s management reflected positive views for its 1Q18 results, stating that the company saw a 2.3% rise in its AUM in 1Q18 even though the equity markets were fluctuating.
Invesco Limited’s (IVZ) AUM amounted to $934.2 billion as of March 31, which reflects a decline from December 2017’s AUM. T. Rowe’s competitor (XLF) State Street Corporation’s (STT) total AUM amounted to $2.7 trillion in 1Q18. Franklin Resources (BEN) is slated to release its earnings report on April 26.