US - T. Rowe Price's assets under management grew by $10bn less in Q1 of 2007 than in Q4 2006, bringing its total to a record $349.9bn, according to the firm's recent report.
Net revenues were up on the last quarter to $508bn, with net incomes of nearly $143bn.
Target-date retirement funds were quoted as creating $2.8bn in net inflows and the largest since the fund series was set up. Total assets in retirement funds were quoted at $20.5bn.
T. Rowe Price president and CEO, James A C Kennedy, commented: “Despite the ebbs and flows of the markets, we believe investors will continue to be well served over the long term by our disciplined investment approach and culture.”
In a separate development, SEI reported a 15% increase in revenue over Q1, a marked difference to a 23% increase in Q3 2006.
SEI saw institutional investors’ assets under management grow around 8% to $45.6bn.
SEI chairman and CEO, Alfred P West, said: “We are satisfied with our quarterly results, especially since we are shifting into the execution stage of our new strategies.”
West added: “In the long run, we remain firm in our belief that what we are doing will help us provide our clients with increased opportunities for success and allow us to grow our future revenues and profits more rapidly.”
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