During the quarter, assets under management (AUM) improved $61.8 billion, or 3.9%, to $1.63 trillion. Market appreciation of $74 billion was partially offset by $12.2 billion of net client outflows. Operating expenses of $1.17 billion increased 7.6% year-over-year, but just 0.3% quarter-over-quarter.
T. Rowe Price’s earnings, as well as its dividends, have grown substantially over the last decade. While earnings did drop during the last financial crisis, the overall record has been solid. Since 2014, the company has grown earnings-per-share by an average compound rate of 5.9% per annum. Moreover, the company performed well in 2020.