The firm's mutual funds saw an additional $9.6 billion invested into mutual funds for the quarter. In addition, market gains added $13.8 billion, growing assets under management to a record $292.9 billion.
"What's most encouraging are the customer inflows because markets come and go," Matt Snowling, an analyst with
T. Rowe Price Chairman and President, George A. Roche said: "We continue to be encouraged by the healthy pace of net cash inflows across our multiple distribution channels into our separate and sub-advised accounts and mutual funds. Importantly, our sound financial position enables us to invest further in our business and gives us the flexibility to take advantage of industry or market opportunities. We are debt free and have cash and net liquid investments of more than $1 billion."
The form's first quarter gains came during a period where global equity markets produced solid gains overall. Roche noted that the company is optimistic about 2006 and believes that "the financial markets can make moderate progress."