The logo of T. Rowe Price Group is pictured at its office in Tokyo, Japan, January 13, 2017. REUTERS/Toru Hanai (Reuters) - Asset manager T. Rowe Price Group Inc on Thursday reported net withdrawals of investor cash during the fourth quarter, including from its target-date retirement portfolios, sending shares sliding 5.6 percent. The Baltimore asset manager said total assets under management at Dec. 31 stood at $810.8 billion, after market gains of $2.9 billion during the quarter were more than offset by $5 billion of net client withdrawals. The withdrawals included $1.9 billion from its target-date retirement portfolios as investors moved to passive products, the company said. The withdrawals marked T. Rowe Price’s first-ever quarterly outflow in the target-date area. Shares stood at $69.91, down $4.18 in morning trading. Reporting by Ross Kerber in Boston; Editing by Jeffrey Benkoe
Asset management firm T. Rowe Price saw a strong withdrawal in investor cash in the last quarter of 2016, with shares dropping 5.6% as a result. The group’s total assets under management stood at $810.8bn on 31 December, with its $2.9bn market gains being outweighed by the $5bn net client withdrawals. The withdrawal included $1.9bn taken from its target date retirement portfolios as investors showed greater interest in passive products.