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T.Rowe Price® INVEST WITH CONFIDENCE NEWS RELEASE T. ROWE PRICE GROUP REPORTS FIRST QUARTER 2021 RESULTS BALTIMORE ( April 29 , 2021 ) - T. Rowe Price Group , Inc. ( NASDAQ - GS : TROW ) today reported its results for the first quarter of 2021 . - Assets under management end quarter at $ 1.52 trillion Net client inflows of $ 1.2 billion for Q1 2021 " Net revenues of $ 1.8 billion for Q1 2021 Diluted earnings per common share of $ 3.17 for Q1 2021 Adjusted non - GAAP diluted earnings per common share of $ 3.01 for Q1 2021 Long - term investment performance remains strong Financial Highlights ( in millions , except per - share data ) 3/31/2021 3/31/2020 Three Months ended % change 12/31/2020 % change U.S. GAAP basis | Investment advisory fees Net revenues Operating expenses Net operating income $ 893.2 $ Non - operating income ( loss ) ( 1 ) $ 102.1 $ Net income attributable to T. Rowe Price Group $ 749.4 $ Diluted earnings per common share $ 3.17 $ Weighted average common shares outstanding assuming dilution 230.0 $ 1,687.8 $ 1,327.8 $ 1,826.8 $ 1,462.6 $ 933.6 $ 755.4 707.2 ( 500.3 ) 343.1 1.41 236.8 27.1 % 24.9 % 23.6 % 26.3 % $ $ 1,602.2 5.3 % $ 1,732.9 5.4 % $ 977.0 755.9 n / m $ 390.1 118.4 % 124.8 % $ ( 2.9 ) % ( 4.4 ) % SASASASA 18.2 % n / m $ 783.4 ( 4.3 ) % 3.33 ( 4.8 ) % 229.2 .3 % Adjusted non - GAAP basis ( 2 ) Operating expenses $ 909.2 $ 817.9 11.2 % $ Net operating income $ 918.9 $ 647.2 42.0 % Non - operating income ( loss ) ( 1 ) $ 13.7 $ Net income attributable to T. Rowe Price Group $ 712.0 $ Diluted earnings per common share $ 3.01 $ ( 61.2 ) 454.3 1.87 n / m 56.7 % 61.0 % SASASA SA SA 908.5 .1 % $ 827.0 11.1 % $ 42.5 n / m $ 680.2 4.7 % $ 2.89 4.2 % Assets under Management ( in billions ) Average assets under management Ending assets under management $ 1,508.8 $ 1,162.7 $ 1,518.0 $ 1,008.8 29.8 % 50.5 % $ 1,394.0 8.2 % $ 1,470.5 3.2 % ( 1 ) The percentage change in non - operating income is not meaningful ( n / m ) . ( 2 ) Adjusts the GAAP basis for the impact of consolidated T. Rowe Price investment products , the impact of market movements on the supplemental savings plan liability and related economic hedges , investment income related to certain other investments , and certain nonrecurring charges and gains , if any . The firm believes the non - GAAP financial measures provide relevant and meaningful information to investors about its core operating results . See the reconciliation to the comparable U.S. GAAP measures at the end of this earnings release . 1