TROW - Earnings call transcript Q2 2024 | T. Rowe Price Group, Inc.

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Operator

Good morning. My name is Daniel, and I will be your conference facilitator today. Welcome to T. Rowe Price's Second Quarter 2024 Earnings Conference Call. [Operator Instructions]

call on recorded T. this available will reminder, replay for a is and being be As Rowe concludes. website Price's shortly after the call

now over call Price's Relations. turn Carruth, will Rowe Investor Director to T. of I Linsley the

Linsley Carruth

XX and website Quarter Call. materials at will Second document investors.troweprice.com. Today's Hello, for be found a approximately release Earnings you call us The for today minutes. thank on our and can press supplemental joining our last IR

company's results Jen your Our it the Veiel. CEO limit we'll to you Dardis, Sharps; we'll Head Then Eric CFO, President, questions, by ask Global of time to about and will for X open Rob and which be up question minutes. joined that participant. We Investments, XX discuss it at per

our that this financial XX-Q. and XXXX. are non-GAAP well language forward-looking remind course quarter on using number groups, as and peer materials to the to performance ended June a make the to the call, Morningstar that today's in call may release Please groups All forward-looking press like statements reference as for supplemental peer of of reconciliations statement refer references to I'd investment you and are the we measures. in certain during XX, and the GAAP

turn over Now I'll it to Rob.

Robert Sharps

thank Linsley, us today. for and all thank you, joining you

outflows. trillion under As under we shared in management in our ended the in assets $X.XX net $X.X earnings with just we quarter release, and billion

and are performance. our to steady gains market I'm to flows that support continued results, investment making While pleased say progress in financial we

strategic our is pipeline our is are and initiatives driving sales redemption forward. pressure stabilizing Our healthy, associates

of on quarter, peer funds investment remained this in top of funds with be solid medians XX% track in quartile. the our their substantially to We outflows our second reduce performance X-year over beating year. X/X our and the group Overall, continue net to

top quartile global U.S. equity all time performers services, X-year mid-cap small X, X international and mid-cap equity integrated equity value, our the value, equity In and core financial U.S. research, periods. franchise, are U.S. integrated for

demonstrating equity Funds strong as all transparent The institutional for Muni funds are have value growth, the income top year X, performance. our quartile small well our the floating ETFs, top versus rate X-year In with and performance of several performers as franchise, peers quartile our and credit last ETFs we time and period. fixed launched X- mid-cap X-year opportunities

time retirement flagship version and our of deliver newer to funds blend continued Both multiple the retirement periods. the strong performance strategy across

discuss individual strategies ETF be across our alpha Jim selection. across will but continue and moment a financials I portfolios, in detail more credit to with strong our generated to due highlight the to Returns to flows effective alternative primarily take wanted business. shortly,

this up As inflows management, In we of we've of billion reached June our $X.X to of June year, from first in XX, billion half under $X.X billion XXXX. the $X.X had ETFs. in assets

We ETFs attracting we wealth that are outside across the investors States. by excited this management, are and direct diverse growth and institutional, in United retail our investors

equity research platforms. throughout of year U.S. eligible blue growth, grown the is XX We will and expect appetite to for size over to ETFs for that the ETFs, in our each as assets, $XXX continue chip many have X our million grow which including the

most platforms. equity requirement transparent have track ETFs a X-year now Our record, a for

tax-free income make ETFs We we to planning And first are which ETF, broadening the our federal Municipal the Price is our product time. investment fixed strategies Income ETF T. Intermediate ETF. over and lineup, income recently fixed available launched including Rowe additional sixth as are

it this progress, driving beyond highlight extends few I'll our are ETF a and business. associates recent Our milestones.

bring the interval OFLEX clients. million of United largest fund. and Income to more broker-dealers our to named Credit independent insights first one advisers our their financial of Price the We ], T. and filed Fund, end the us partner a to X than Rowe products [ launch were in the Flexible We strategic States, their XX,XXX OHA allowing or

to more in seeing ETF equity, of an net the franchise billion we version demand of SMA launched for strong Our strategy in capital than year-to-date. assets with $X grew as flows as After $X June billion appreciation XX, this SMA.

our Solutions unveiled best and solutions patent-pending framework. and XD This define help participates. We new preferences Retirement the contribution offerings quantify plan evaluate retirement which needs their framework plan sponsors of Income may will income fit

and in to our offices second like that our to time strategic the and The I the delivering our finish I'd results Asia East quarter. for is associates' spent constant in by clients across our commitment advancing initiatives. to noting Europe, Middle deep

reflected want I seeing for across are to clients locations our associates their thank firm. for of value work and efforts We hard our their to in all deliver our and our results,

turn financial now for results. to I'll Jen our

Jen Dardis

and results Thank questions. for opening everyone. you, I'll Rob, hello, our second review line quarter the before

income per rate. Our lower earnings by and adjusted operating up XX% tax share from was driven effective of higher nearly QX a XXXX $X.XX

May. reported this in $X.X net we quarter outflows. mentioned, client in an Rob included win Results that billion income fixed large funded a As insurance QX from

be While where client help grow to building it's business. we flows relationships diversify and can pleased been these lumpy, are we've types of our space in the

inflows equity CLOs. fixed had deployments our across concentrated funds We credit Outflows private inflows alternatives products. from this remain were in and multi-asset quarter. primarily net driven in Within and several net income, alternatives, by

we including Opportunities with had products U.S. Focused strong Strategies. U.S. Global inflows, and our Equity Research, several equity Growth All-Cap However,

another of $X.X had half franchise billion. to net Date the recorded with in In quarter Date $XX.X inflows first strong inflows year, of we've billion net the strategies. Target Our Target

the flows from saw also we U.S. quarter, the net outside clients During positive

at an were were driven advisory were with adjusted XXXX, XXXX, carried average higher billion, QX X.X% adjusted by Looking essentially $X.X net decline revenues AUM. in interest. QX QX from higher as a revenues Compared offset net investment income by accrued increase flat our statement, fees

and a was mix assets points, to which effective to products led shift quarter annualized under QX asset flows is XXXX for classes. and the rate down prior basis in management Our transfers fee XX.X lower fee client as from

of performance-based revenue alternatives $XX.X million of from certain billion products. $X.X advisory predominantly included fees, Investment

expenses adjusted an and to increase QX X.X% fees. operating in $X.X due higher servicing billion distribution XXXX primarily is bonus QX market-driven including and Our interim expenses a accrual of up from

quarter an in the This spend brand we advertising in executing and and higher entertainment. support our as increase on growth fees future travel to also investment promotional continue and included professional and

in to million. carried $X.XX operating expenses QX expenses. the our XXXX range up adjusted income to entirely on Our over billion. to XXXX full impact in year adjusted increased rise markets X% be the and the interest amount X.X% XXXX market-driven is the $XXX due to operating from now of We X% increase comparable excluding The expect equity expense sustained

in range Additionally, we prior We of our for guidance to XX.X%. XXXX. are rate tax XX.X% the now tightening anticipate tax our rate year the effective will be non-GAAP full

liquidity capital balance remains and philosophy ample sheet priority, arise. long-term M&A provides our top program, our the capital also Our future seed Returning to unchanged. should stockholders management our select capital buybacks strong remains fund the through dividend to opportunity recurring and

the in stockholders with have $X.XX We buybacks second returned quarter, of to million nearly million approach Combined our to less during dividend and per outstanding XXX quarterly worth $XXX repurchased reducing million. of share, of year. shares than to our we remain first opportunistic half shares $XXX the during the

core manage areas expand our of to best serve associates expenses in market. clients continue our in growth our new to while sustaining the and thoughtfully and We investment capabilities delivering

sales encouraged positive we increasing strategies work improvement driven lower year-over-year we and combination trends, more to redemptions performance of our initiatives to results. While overall do, by certain more the environment, improved flow have strategic are leading pipeline yielding investment by the in a market in and

to open operator line I'll And the questions. the now ask for

Operator

first with [Operator comes Evercore Our Instructions] Glenn from question Schorr ISI.

Glenn Schorr

question the on wealth of an there's funds. Date what management Target focus and people their in cash. getting a sure cash and you've paid community account in So seen heightened options what and retirement on are been I'm terms

you how your to here] want Or for I'm just thought multiple your client curious, [ this obviously Are business have there options So I a is clients? curious, different see I'm and handle it? just process approach. driven? all you on

Robert Sharps

plan options business, clients retirement It's money recordkeeper and we value don't have also a multiple big as our other offer funds. option short the Glenn, And market option. Rob. and market money we Yes, liquid client-driven. services we're duration In elects, predominantly have start. highly the this in business offer individual I'll business, is also for a sweep on plan investor stable where a platforms. If We the sponsor funds.

platforms So that as one, have I as think wealth approaches. is that many referring the to really issue us you're sweep that the it of does touch doesn't much

Operator

question next comes with our from Fannon And Jefferies. Dan

Daniel Fannon

Rob, you've pipeline sales you getting the Clearly, about. hoping expand could upon flows I talked was is just better. that

differences geographical breadth, large a income you talk the the fixed But outside pipeline, sales could inflows You the of you institutional was some the had hoping maybe of had U.S. about win.

but that compares so outlook little around previous how quarter, a granularity more around prospective just the the conversations not So the and the and sales much periods. to

Robert Sharps

Yes. Maybe out bit and pipeline. a broadly talk the and also about I'll then talk flows zoom about little

in In improvement of terms the the first I'm had of really the with we've flows, magnitude that half pleased year. of

in year's quarter were date of think in flows half The the in $XX.X $X.X they were first of important last the Our a in we really net better progress half in which first outflows less strong billion. billion, lot $XX the at were than than 'XX. second was billion target I 'XX demonstrated And strong areas. very

There's strength. but pipeline element retirement seeing, where, from an in seasonality as flows, area Date flagship the I to an funds retirement in to offerings both see of like continue our date. as well nonetheless, with perspective, also blend That's really Target what we're a we date

fee of basis private momentum to bring in this channel and to first well opportunities And million is think accelerated whether on the very momentum growth a OCREDIT, OHA, there's with where us I capital to had I XX% AUM we continue we with commitments which lending $XXX and momentum had there a interest. year-over-year, to continue but to think up build quarter a in improved placed some of show in senior interesting continue think the OLEND, where new terms was strong We and in or to our been dedicated area. alternatives, close alternatives there's wealth flows lot also, the month. within help platforms as also it's of facility, are build new steadily I we'll

ETFs, in that second given with year-to-date our in placements late to to of our $X.X I ETFs platform QX. noted are we continue several And X/X there that build of in in the expect or happen of the momentum As prepared quarter. expected happen I to inflows for the either would had remarks, in billion QX

I asset and business EMEA net in in most most our broadly. Gross improvement see in APAC classes. in were our and We inflows our business, had Americas channels sales up institutional business.

and of channels investment of I think at just in geographies, sales pipeline, is look net one opportunity. decrease to in though, the it's does across element continue you business corresponding our performance not largely a at-risk sharp to lot new I'd broadly most strategies. it stronger well-distributed say if a improve assets that,

As mandate. you say, a sizable benefit insurance did QX from

it in wealth think retirement, lead scale large I very in or positioning likely additional think OCIO, we with in the that's to buyers, be to have road. mandates strong I insurance, down whether and

in had In X these new greater billion particularly outsized. that May, in lumpy But the quarter. be fact, will of we wins the came one in, than and was $X

below meaningful me making We're question, the So be fourth I'd year. at of and more the do rate quarter, I to run to higher flows we Hopefully, well say work our that last somewhat that goal some that with to but answers still QX suggest to some would saw get but third to the in likely XXXX. levels the outflows kind the are positive in than calendar Dan. returning that have progress, to seasonality think we point

Operator

Our comes JPMorgan. Ken from with next Worthington question

Kenneth Worthington

you're believe broker. new I you with said distribution a partnering

partners first, I other you A costs with are future? that to what in what And partnering can larger get may questions expect be XX,XXX the you actually work representatives. relationships are to of talk about think from couple the the this on there distribution means, of Like that you your here. what not-so-distant said relationship, aspire platform? you this

Robert Sharps

But as large the in Each terms. platforms not I'm Yes, most going think Ken, big them of got needless field I investment to scale, coverage of those we've build accounts. opportunity further breadth our arrangements we and of partnership particular wealth the to to penetrate get our have offering, continued performance brand, say, to with into our is given a out U.S. bespoke, the and we've our

past. that stand-alone our We But in each will this and allow where isn't share. advisers, engage to we've assess to opportunity grow placement opportunities where be. a individual think historically, give there's a with the mutually worked of beneficial. what and us additional where shelf us a we platform kind space ultimately should of I additional these is win-win could think It's This relationship their engage our and particular it's opportunity which it with share and

think And to of impact meaningfully share is the relationships. gives sorts about this of again, us I opportunity this optimistic gain one of over many the it. I'm time. these But of

because I think new it's we a simply it called out one.

Operator

Davitt And our next from [ ] comes Autonomous with Patrick question Research.

Patrick Davitt

fund give On bond the so of us plus. take X that to mean like or were idea billion wins mentioned half? those a of in we that could $X mandate, those the you the to we without funded flows actual better new you the what have size first still it. And look are Should

Robert Sharps

call funded say I that think really of uneven. we're scale, the be question, the would of well part positioned suggest Again, I quarter. that and pipeline partly opportunities. there second latter that the are to with But additional to buyers our they'll out again, they just Specifically in

I'm talk of to about not mandate. it. it But know, said about substantial. going And don't we've was I the if more a Jen, quite particular size

Jen Dardis

sense I mean, I income fixed get a our can by a sense for No, we you can quarter-over-quarter assets you at looking size. and general haven't. think get

Operator

next Our from Deutsche Bedell Bank. Brian comes with question

Brian Bedell

and will that that, the you if performance conjunction to distribution may performance you quickly the ETFs of the Maybe, equity channels And you more leverage able where to are sensitive improvement. products about maybe Rob, the of platforming about most pipeline be the with bought extent talk in the can to products might think improved be adding -- think new be to that more channels there? whether more on based sold performance? these what and do And you than sensitive be talk can just rather improve products online

Robert Sharps

Sure.

investors an cadence right? are look, underlying as channels. our to value to active performance, That's different but think manager, I in happen in all general, proposition the tends sensitive differently

And -- our individual mandate to is and more it the little What quickly. in happen observed the the or to wealth institutional in that a reaction of channel, intermediary I've with business, a the happen lag. in direct large more to tends tends bit

the we mandate those see the and started where or had large or think in some some improvement we've in observed leverage performance of tend that vehicles I then first, funds commingled areas to a areas challenge to have improvement on institutional subsequently size.

separate it's benefit platform defined more react institutional whether sub-advised a or to defined contribution, on about account, benefit little think you where defined slowly. investment if it's mandate mandate, else's So those whether big only it's -- bit somebody recordkeeping tend or a

some improvement So we're and leveraged that as the we institutional in to to be see first portion began tends to funds in wealth now channel. the see improvement beginning well channel, in the

Jen Dardis

up. have talked pick before you'll We've fact the redemptions you'll about you cycle, see When redemptions up. a see pick that performance

to Our redemptions and sales flow to start sales up. first, start pick slow, see then you'll then redemptions you'll then finally see pick up,

getting in through seeing products. sales. very seeing we're cycle, redemption those cycle, our earlier what redemptions the much the the we're much say levels far more improvement to sales on in improvement traditional on the of in say closer I'd I'd in redemptions,

Robert Sharps

we way. I and where then working in differentiated ETFs a of where with And or there and the continue do deliver do we we're Offering. recently, others we deliver it ETFs ETF, we'll sizable is And Intermediate handful time. to think, where that our kind to in to a the pipeline, offer strategies evaluate clients Muni and XXth believe areas durable. a launched, Yes. and I can on a got think that we'll something it would that can just Bond which our that's opportunity It We've ETF launching. over of of want regard be to is intention differentiated value compelling offering. broaden thoughtful We we my as But number we

Operator

Our with next Stanley. question from Michael Morgan Cyprys comes

Michael Cyprys

continuing just Maybe ETF the with topic here.

be to seem success traction and there. having You some good

Hoping of more. How and your a you. approach sale your drill down for funds ETFs. mutual to So more from just traditional with approach that differs could want elaborate on little distribution you sales to

opportunities and you comment replications in going already if mutual with, broadly, your just way you market you And could some including offer in then the certain are about already on what How think other more cases, to from that different create. and versus are marketplace you what challenges strategy have. approach, in of funds may with navigate that that approach that you strategies and the not may or

Eric Veiel

first Sure. at is cut I'll Eric. a one. take This that

our classes. we is, mentioned, market across how to as strategies Rob ETFs, go with we it asset XX of have terms different In

to we across where, team to the much from the ETF last of perspective U.S. of capability field We USI parts our target wealth channel or sales different historically, because years, we where the market we have talking much intermediary ETF a advisers several the as specifically, an out have didn't support parts but dedicated specialist the a as expertise they're also have done prior haven't to of to offering.

working So who dedicated our ETFs, as increased ETFs in there and out use active solely with active benefited presence advisers and coincided we've brand to perspective, we've to That's the been our building from those out an in out capabilities. that our are there. and with reach interest a and we from have them discover capabilities manager advisers market there

say, unique market plenty to there's we're penetrating think and I stages would and more the still of identifying opportunity. do what in, early I that

our we were we part said they well did would a investment because be We before, clients. that Rob semi-transparent known is equity terms to the where for, as capabilities. active started We up bring, In to with market and or our that point. strategies of the what that believe your to capabilities strategies embrace suite as full ETF to we new our the offer as existing clones second question, of want of clones well set similar to able

We and semitransparent, we offer allow that to the specifically the suite, to full we sure that to categories were able able then platform able research meaning of international wanted where that transparency, we to bring to to capabilities weren't holdings. market, using the the more across some also into new with strategies efficiency get then make you that do were do before doesn't area capabilities ETF that do even into tax semitransparent to brought our maximize

So broaden suite our that out. to allowed us

Robert Sharps

able record semi-transparent just I'd there clients that Yes. with the vehicle. we the ETF in a clone value track strategy they're add, long-tenured that certain find access are because known approach really to

are there more And I range fully are both clients approaches the where a think we comfortable delivering other comfortable much I now both and transparent approaches and feel that merit. across investment of we approach. in have familiar are with place think strategies are a

Jen Dardis

because placement And I people inform clients, of gaps. those help think larger in get to use cut I relationships as possibly early have make back to I we through think earlier with where as of as offerings quickly can as the can can understand to relationships really strategies get market, those that -- we number point noise. seen sure you things important you've those scaled to it's to with they a where to the scale possible try platforms those and mean want

sort to And so million been them also but has those $XXX raises. both getting million launched, those getting important really on products our focus asset of $XXX above

Robert Sharps

to. And the ETFs I'd range surprised maybe that appealed been investors the pleased say, a I've that have of and little

traditional RIAs platforms some U.S. the targeting that wealth that power broker-dealers, we're been have had some As think got a really a ETF investors some vehicle. are we've the and you're outside big investors also that Eric attracted we've to well of ETF But and present and interesting as of placements institutional based said, as number I opportunity. kind more users

AUM one think small the it's really think relatively compelling still I us I leaning overall our we're encouraging. in it's context a So into. it's base. of and opportunity for huge But It's and

Operator

Our next question comes UBS. from Brennan with Hawken

Brennan Hawken

then and request a have actually I question. a

disclosure your reduce income to a to peers worried together that statement, an just of please potential now thing consider, because like interpreting one which just for the way lead confusion. could I'd putting results. to really to the is the So -- errors request would little it's many ask your you misunderstandings I'm adjusted around and -- it And provide some

My on question OCREDIT. is

love given how such came distribution for ] products me-too it's So bit from of after how established to and differentiation the you're a to lay differentiated hear it out for we it's me [BCRED and some in I'd marketplace. product your offerings that firmly hear maybe explaining the as established that a you case partners.

Robert Sharps

Yes.

a competitive in is handful of Look, I there number established and think marketplace, it's a offerings. it are ways. differentiated of a

track our to because OHA's delivering private approach we compelling, one, I bring is record credit XX-year strategies. think

the T. in bring and platforms Rowe we Prices relationships the Two, field. relationships with wealth our

of a regional have with client advisers the when base. you the within alternatives BDC of investment engage wealth work a big If brokers one in is lot about broaden our not that consultants, the their with I think they and to platforms, alternatives adviser key past. or And may objectives their and used of penetration

the differentiated of base So private a think what's record relationships I their our strategies. them by to credit field team that the standout compelling is our use a track being that product is a in in with running penetrate can very managed about has further approach we help depth

environment fair from And say differentiate to that get credit defaults out, I you extraordinarily hard low and particularly to have in have is it's So look, it really an think an think I that difficult to performance to work been perspective. stand do investment attention.

Rowe presence and of in I in the a advisers wealth power to a particularly -- amount first this T. first engage channel, be Price's a experience think might opportunity might the there's that or in with of combination where alternatives. relationships tremendous

So the we're starting to that's approach the the and of market that really part attack.

be those on momentum are is might attractive, as establish we and be which able relationships something and interest to more working taking where leverage fund. build and an more that think them interval OFLEX we'll going roll wealth more the that from We're or I differentiated forward. feedback also hopeful We're out and those on there is platforms offering. first a [ is this think I Look, ] where

Operator

question comes next Blostein Sachs. Our from Alexander with Instructions] Goldman [Operator

Alexander Blostein

rates. rate know up sequentially. kind looks bit fee you guys the mix of and the most picked for on transfers. Question about little pace like of the flows just talked of the compression a you It of fee And some I

through amongst the of little help quarters? rates as kind you the transfer of of fee how kind can next what And in And to some a does over So do that that today? larger evolve think the go you of expect about buckets, more? you that couple the difference stand

Jen Dardis

We've we some Thanks, X.X%. said I'll Yes. fee several Alex. see that over we've start. to years. time, Quarter-to-quarter, see what compression you of the about over past That's noise. X% seen can

so we quarter, strategies. choosing individual And classes of be could or products, fee see can given in impact any or asset vehicles the clients which lower

both see can moving You some existing create of clients more another, trend, from so can that into time, think be of continued We vehicles, things. to specific particular one those this noise periods clients longer seen of also again, we'll both in you kind quarter. I realignments during saw do will saw that and quarter. And vehicle so that periodically, of over we've this of but quarter, the that

Robert Sharps

Jen impact lot those asset mix, a a performance any factors fee of Yes. move around mix, lot of one can Alex, fees, class quarter. as rate, vehicle each said, in the

unfavorable. read quarter's much So results into too I or wouldn't favorable a

our grow fixed and including in some benefits the our equity lower value grow to and in and income, invest areas, new share We with mandates, of integrated hope blend in clients RDF our proposition with of want fee to win scale some strategy. continue other sizable to

success So areas pressure business. rate, I in arithmetic still it's but mean the that will the good fee very is those

some is we're of consistent compression I would past. with as I what if kind quarters in in look net you multiple very alternatives, And the to should navigated result likely see think that say grow that we over fee offset. be there the we've

Operator

final comes Bill from And with our TD Katz Cowen. question

William Katz

you the thank for peers. trend opening also, that's a hope remarks. I abbreviated And your for

a just in question, clarifying -- second you half a you expect of redemptions. terms mentioned In that seasonally pickup

for landscape, how broader you the some I KKR accelerate focus changes be the thinking attacking do of sort whether in the highlight a that. shift question your reason more I about wondering And and in could like Just that happening about how the have on basis? greater think or alternative traditional of you that the are sort opportunity? as it thinking the that you Capital de is, opportunity is, But are novo to of side side Group, on about maybe alignments if where competitive the think the

Jen Dardis

I Well, very less the more we redemptions sales It's year. we and Target second of with flows, both redemptions. of the earlier, franchise. Date think pipeline I Robert redemptions, think question, starting and see referenced the so our that look the specifically think I half seasonally, And it's at the and it's about about the pace sales in

the about first but not year. past the of more the in in talked year, not of the you We've do see in seasonal, fully quarter it's activity it's that everything happens the first quarter

see plan changes the the can year. amounts balance just through of smaller size You in

yes. think, I

Robert Sharps

and were year. in it's net by think back the lumpy that get in mandate. and to I pick Yes. gross across the isn't half Bill, to I I the redemptions, about inflated quarter second sales you sales gross expect It's what if redemptions think up flows, sizable that, was trying a of

trend So annualize X.X wouldn't really take struggles over net redemption was I of the places QX it ago. a the flow half of That's in the I easing see years actually say. point performance year. pressure where some and this trying all had some at to rate in We of we've back the

did the mandate of sales the And business. on side encouraged, seasonality funded have the to that the in we I'm side side of insurance redemption but bit sizable fund sales of gross both that regard outlook, the there again, with So Target and little gross in May. is the Date benefit a

So the was that's that I making only point there. really

OHA. fund. got got a a we in outside grow in date well it's we've think grow big to fixed States. with We've We've a are big opportunity ETFs, whether retirement multi-asset I opportunity We've big the United to and grow got opportunity opportunity of with got income. positioned, big across a to

there believe but more alternatives. might there make things are think where only And we sense. do to I are where open we I I instances in think be would can partnering, that it

things an novo, to manager Rowe think of on and and preferred can that multi-asset ultimately to continue Rowe be marry Price There organically, offering as or otherwise. there Price can of we might I that acquisitions instances like are part distribution have where or There T. be choose for kind would offering controlled the our be T. develop we to not a OHA. do But we focus approach we'll doing de additional selling that is evaluate to strategies. my

coordinate I simpler think having control us clients. a things caliber little investment X the cleaner behalf teams strategy. it that bit a deliver gives our more on makes And obviously, we outcome delivering of and than of it over

Operator

This you. today's the Thank conference call. question-and-answer you Thank for and participating. session concludes

now disconnect. You may

T. Rowe Price (TROW) 26 Jul 242024 Q2 Earnings call transcript