T. Rowe assets up 2% in quarter despite $5.1 billion in net outflows

T. Rowe Price Group on Wednesday reported $746.8 billion in assets under management as of Dec. 31, up 2% from three months earlier and up 8% from a year earlier. Net outflows for the fourth quarter were $5.1 billion, compared with net inflows of $200 million in the previous quarter. T. Rowe reported net outflows of $1.3 billion from the firm's mutual funds for the quarter ended Dec. 31 and net outflows of $3.8 billion from its other investment portfolios. Mutual fund assets were $477.6 billion as of Dec. 31, up 2.4% from Sept. 30 and up 9.7% from Dec. 31, 2013. (More: Vanguard warns advisers on stock risk in client portfolios) As of Dec. 31, $148.5 billion of AUM was in T. Rowe Price's target-date portfolios, of which $126 billion was in target-date funds and $22.5 billion was in target-date trusts. The total target-date AUM was up 4.3% from three months earlier and up 22.5% from a year earlier. (More: T. Rowe's David: Opportunities in a rising rate environment) Net income for the quarter came to $315.9 million, 4% higher than the previous quarter and 10% higher than the fourth quarter of 2013. Net revenue, meanwhile, totaled $1 billion, the same as the third quarter but up 10% from the year-earlier quarter. James Comtois is a reporter at sister publication Pensions & Investments