$10.8 Billion in Outflows Reduce T. Rowe Price Assets to $1.834 Trillion
Key Facts
T. Rowe Price reported on Nov. 11 that assets under management totaled $1.83 trillion at the end of October, with net outflows of $10.8 billion during the month. That puts monthly withdrawals at the center of the company's asset disclosure, since its asset base is tied to revenue and the fee rate it earns. Assets under management totaled $1.834 trillion on Oct. 31, compared with $1.863 trillion on Sept. 30. The total was $1.776 trillion at the end of 2025. The month-over-month comparison shows a decline in total assets alongside October's outflows.
The largest decline among the reported categories was in equity assets, which totaled $873 billion at the end of October, compared with $896 billion at the end of September. By contrast, fixed-income assets, including money market, rose to $223 billion from $222 billion. The two categories moved in different directions during the month: equity assets fell, while fixed income posted a slight increase. The statement does not separate the effects of market movements and flows on changes in assets within each category. The report therefore presents the figures as balances at the end of each month, alongside the company's net-flow figure.
Multi-asset assets fell to $674 billion on Oct. 31 from $681 billion on Sept. 30. Alternative assets remained at $64 billion on both dates. The figures show that declines were not uniform across all the asset categories reported by the company: equities and multi-asset assets fell, while fixed income edged higher and alternatives were unchanged. Target-date retirement portfolios totaled $609 billion at the end of October, down from $614 billion at the end of September. They remained above the $561 billion recorded at the end of 2025.
Retirement-related assets account for a large share of the company's base. T. Rowe Price said about two-thirds of its $1.83 trillion in client assets on Oct. 31 were retirement-related. The $609 billion balance in target-date retirement portfolios highlights part of that business, remaining above its end-2025 level despite falling from September. In the quarterly backdrop, net outflows totaled $28.3 billion in the third quarter, following $6.5 billion in the second quarter. The comparison shows that third-quarter net outflows were larger than those recorded in the prior quarter. The two quarters provide context preceding October and do not represent flows for the month itself.
In the third quarter, outflows were concentrated in equities, at $25.6 billion, while fixed income recorded inflows of $3.4 billion. Multi-asset saw $7.6 billion in outflows, while alternatives recorded net inflows of $1.5 billion. By client type, institutional outflows totaled $18.8 billion in the quarter, compared with $9.5 billion from retail clients. The quarterly figures show that flows varied by asset category and client type. They provide context for the withdrawal trend before October, but do not break down the $10.8 billion in net outflows during October.
Despite net outflows in the third quarter, net revenue rose to $2,004.9 million, up 5.9% year over year and 5.1% from the second quarter. Over the same period, the effective annual investment advisory fee rate, excluding performance-related fees, fell to 37.8 basis points from 39.1 basis points in the third quarter of 2025 and 38.1 basis points in the second quarter of 2026. The company attributed pressure on the rate to a shift in the asset mix toward lower-fee products and categories. Chief Executive Rob Sharps said the company continued to expand its exchange-traded funds, separately managed accounts and model portfolios, "to extend our active investment expertise to more clients." These initiatives put business growth in the context of changes in the asset mix and fees, while October's monthly data remain the latest asset and flow figures in the announcement.