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The upbeat results at the investment manager reflect the strong rebound in markets this year, bolstered by expectations that the Federal Reserve can engineer a soft landing — a scenario where growth slows enough to get inflation under control, without a recession.
The Baltimore, Maryland-based company earned $2.17 per share, excluding one-time items, in the third quarter. Analysts on average estimated $1.78 per share, according to LSEG data.
“However, our flows remain pressured, with net outflows from equity outweighing the positive net flows to fixed income, multi-asset and alternatives in this quarter,” CEO Rob Sharps said in a statement.
Total assets under management at the end of the quarter was $1.35 billion, up 9.5% over the year earlier.
Investment advisory fees were up 1.5% at $1.46 billion in the quarter, T. Rowe said.
