T. Rowe Price Gains as Retirement-Income Effort Gets First Major Test
T. Rowe Price Group shares added around 0.7% to $104.60 by midday Tuesday on Nasdaq. The move came as investors reacted to a new retirement-income partnership with Transamerica and TIAA while watching the company’s mixed client flows. Shares were changing hands between $103.70 and $105.22. Volume was tracking under the usual level. Assets under management are in focus. T. Rowe Price said AUM reached $1.83 trillion at April’s close, up from $1.71 trillion at the end of March. Despite that climb, there were $10.6 billion in net outflows for April, the firm reported. About two-thirds of its client assets tie to retirement plans.