T. Rowe Price reports flat month-end alternatives AUM of $50bn
T. Rowe Price reported assets under management (AUM) of $50bn (£39bn) for its alternatives business, as of 31 July 2024.
This is a 4.2 per cent increase since the end of 2023 when alternatives AUM at the firm was $48bn, but it is flat on June 2024.
The asset manager’s total AUM was $1.59trn as of 31 July 2024. Preliminary net outflows for the period were $2bn.
“Returns across alternative strategies continue to be strong, with alpha generated across the portfolios, primarily due to effective individual credit selection,” said chief executive Rob Sharps. “There’s also a lot of interesting momentum in terms of new capital commitments and opportunities with Oak Hill Advisors whether it’s in the wealth channel as we steadily build momentum with OCREDIT, where we had $172m of flows in the quarter and continue to bring some new platforms on and are well placed to continue to build momentum there, to OLEND, which is a dedicated senior private lending facility, where there’s been very strong interest.”
Read more: T. Rowe Price’s Oak Hill Advisors plans new credit fund
Total AUM rose to $1,587bn in July, from $1,569bn in June. Total AUM was $1,445bn at the end of December 2023.
The firm’s target date retirement products were reported to be $464bn at the end of July 2024, up from $453bn in June and $408bn at the end of December 2023.
Read more: T.Rowe Price private credit fund issues Q1 distributions
According to MarketWatch, shares of T. Rowe Price Group fell 0.67 per cent to $104.64 on Monday. Shares closed at $17.63, below its 52-week high of $122.27, which the firm achieved on 28 March this year.
