The following is a summary of the T. Rowe Price Group, Inc. (TROW) Q1 2024 Earnings Call Transcript:
Financial Performance:
T. Rowe Price's assets under management increased by 15%, to $1.54 trillion on March 31.
The firm reported net outflows of $8 billion, a significant reduction from the previous year, driven by increased client demand and improved US equity performance.
The adjusted earnings per share increased by 40% to $2.38 from Q1 2023, primarily due to elevated assets under management and investment advisory revenue.
Adjusted net revenues for Q1 2024 were $1.8 billion, denoting a nearly 14% increase mainly due to higher average assets under management.
Adjusted operating income saw a 31% rise from Q1 2023, standing at $692 million.
Business Progress:
The firm is expecting a significant reduction in net outflows in 2024 compared to the previous year.
In spite of a dip in net flows in April, an increase is projected for the rest of Q2 due to a strong pipeline.
T. Rowe Price aims to launch its personalized retirement manager in Q3, followed by a managed lifetime income solution in Q4 to enhance its retirement income offerings.
Mid-teens growth in capital under management and high single-digit growth in fee-based AUM are projected for the year, despite potential portfolio challenges.
Future initiatives include a greater focus on retirement advisory services and a gradual expansion of wealth offerings.
T. Rowe Price and Oxford Lane Capital (OHA) plan to continue their active distribution collaboration aimed at new business opportunities for OHA.
More details: T. Rowe Price IR
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