T. Rowe Price Group says target-date retirement investment portfolios continue to be a significant source of assets under management for T. Rowe.
During the 2008 fourth quarter, net inflows of $0.7 billion originated in target-date retirement portfolios. Assets in target-date investment portfolios were $26.0 billion at December 31, 2008, and now account for 9.4 percent of the firm’s AUM and 15.3 percent of its mutual fund assets.
The group’s results for the full-year 2008 included net revenues of $2.1 billion, net income of $491 million, and diluted earnings per share of $1.82, down $.58 per share from 2007. Assets under management stand at about $277 billion.