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Rating:T. Rowe Assets Down $18 Billion Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, October 19, 2001

T. Rowe Assets Down $18 Billion

Reported by InvestmentWires Staff, 

T. Rowe Price Group (TROW) reported declines in both revenue and earnings for the third quarter. The declines came as assets at the firm dropped to $140.4 billion from $158.6 billion at the start of the quarter and $179.6 billion a year ago. Most of the decline was the result of the market. T. fund shareholders redeemed a net of $257 million during the quarter, with stock fund losing $725 million. Still the numbers came in the high range of analyst's expected results and topped the consensus 38 cents. The firm's net fell to $50.4 million, or 39 cents per diluted share, from $69.2 million, or 53 cents per share, a year ago. Revenue fell to $243.6 million from $303.7 million a year ago. Thomson Financial/First Call reported that analysts had expected T. Rowe to earn 35 to 40 cents per share.

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London-based Schroders has a new chief executive. The money manager hired Michael Dobson and agreed to purchase his Beaumont Capital Management for $48.2 million in non-voting shares, notes and cash. Dobson had headed Deutsche Bank's global asset management business prior to founding Beaumont.

* * *

For the second time in two years Allianz of America has filed paperwork for a new fund family. The five new offerings are planned for next year and will include stock (Growth), balanced (Diversified Assets), bond (Fixed Income and Intermediate Fixed Income) and money market funds, according to an SEC filing. In 1999 the firm filed paperwork for the USAllianz Funds. But those funds were never launched. The firm has also filed paperwork to merge the 13 Dresdner Funds with PIMCO Funds, another of its units. The lead managers this time will be Gary Brown and Ronald Clark for the new funds.

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Assets in exchange-traded funds (ETFs) were $64.35 billion at the end of September 2001, according to the Investment Company Institute. The figure marked a decline of $7.7 billion from $72 billion at the end of August and $75.5 billion in July. The ICI now tracks 92 funds.

* * *

The falloff in assets is having an adverse effect on firms paying brokers commissions on level load shares. Comerica, parent of Munder Funds, took a $14 million charge in the third quarter for this reason. Still, this charge was lower than the $26 million it took in the first quarter. Assets at Munder fell to $33 billion from $51 billion a year ago.

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AIM Management is opening to more funds for its family of 90. Its new AIM Mid Cap Basic Value and Global Biotech funds were revealed in an SEC filing. Matthew Seinsheimer and Bret Stanley will manage the former fund and Abel Garcia and Michael Yellen the latter.

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Delaware Investments has tapped David Starer from Jacobs Levy Equity Management as the tenth member of its team quantitative stock-picking team.

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Monetta Financial Services has a new subadvisor for $40 million of its fixed income portfolio. Ambassador Capital Management will take over the mandate. The attraction was manager Gary Schaefer who will manage Intermediate Bond Fund, Government Money Market Fund, and the fixed income portion of the Balanced Fund.  

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