T. Rowe Price Reports $10.8 Billion in October Net Outflows

T. Rowe Price Group reported (TROW ) on November 11, 2026, that net outflows totaled $10.8 billion in October 2026, while assets under management ended the month at $1.834 trillion. Assets were $1.863 trillion at September 30, 2026, putting the monthly decrease at $29 billion, calculated by subtracting the two month-end balances.

The asset base nevertheless remained above its 2025 year-end level. Total assets stood at $1.776 trillion on December 31, 2025, leaving an increase of $58 billion through October, calculated from the October and year-end totals. October therefore reduced assets without reversing the longer-term increase.

Equity and Multi-Asset Assets Decline

Equity portfolios held $873 billion at October 31, down from $896 billion at September 30. The $23 billion reduction, calculated from those balances, was the largest among the four asset classes. Equity also stood below its $879 billion balance at December 31, 2025, making it the only reported asset class with a lower balance than at year-end.

Multi-asset portfolios declined to $674 billion from $681 billion at September 30, a $7 billion decrease calculated from the reported figures. Fixed income, including money market, moved in the opposite direction, rising to $223 billion from $222 billion. The $1 billion increase is calculated from those two balances. Alternatives were unchanged at $64 billion during October.

The longer-term comparisons were stronger outside equity. Multi-asset assets were $47 billion above their $627 billion balance at year-end 2025, calculated by subtraction. Fixed income and alternatives also remained above their respective December 31 balances of $212 billion and $58 billion. These figures show that October’s decline was concentrated in equity and multi-asset portfolios, rather than spread evenly across all four asset classes.

Target Date Retirement Assets Decline

Alongside the asset-class figures, T. Rowe Price disclosed $609 billion in target date retirement portfolios at October 31. That compares with $614 billion at September 30, a $5 billion monthly decrease calculated from the two balances. The category remained $48 billion above its $561 billion balance at December 31, 2025, also calculated by subtraction.

Retirement represents a substantial share of the broader franchise: the company says about two-thirds of its client assets are retirement-related. That context makes the separate target date disclosure an important complement to the asset-class totals, connecting the monthly change in overall assets with a core part of T. Rowe Price’s business.

The October figures consequently present two different trends. Net outflows and lower month-end balances show contraction during the month, while total assets and every reported category except equity remained above their 2025 year-end levels. The decline was therefore neither uniform across the business nor large enough to erase the 2026 asset increase, leaving a higher longer-term asset base alongside negative client flows for the month.