T. Rowe Price Group, Inc. (NASDAQ:TROW) Q2 2024 Earnings Call Transcript July 26, 2024 8:00 AM ET

Company Participants

Linsley Carruth - Director of IR
Rob Sharps - CEO and President
Jen Dardis - CFO
Eric Veiel - Head of Global Investments

Conference Call Participants

Glenn Schorr - Evercore ISI
Dan Fannon - Jefferies
Ken Worthington - JPMorgan
Patrick Davitt - Autonomous Research
Brian Bedell - Deutsche Bank
Michael Cyprys - Morgan Stanley
Brennan Hawken - UBS
Alexander Blostein - Goldman Sachs
Bill Katz - TD Cowen

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. All participants will be in listen-only mode until the question-and-answer period. I will give you instructions on how to ask questions at that time. As a reminder, this call is being recorded and will be available for replay on T. Rowe Price's website shortly after the call concludes. I will now turn the call over to Linsley Carruth, T. Rowe Price's Director of Investor Relations.

Linsley Carruth

Hello, and thank you for joining us today for our second quarter earnings call. The press release and a supplemental materials document can be found on our IR website at investors.troweprice.com. Today's call will last approximately 45 minutes. Our CEO and President, Rob Sharps, and CFO, Jen Dardis, will discuss the company's results for about 10 minutes. Then we'll open it up to your questions, at which time we'll be joined by Head of Global Investments, Eric Veiel. We ask that you limit it to one question per participant.

I'd like to remind you that during the course of this call, we may make a number of forward-looking statements and reference certain non-GAAP financial measures. Please refer to the forward-looking statement language and the reconciliations to GAAP in the supplemental materials as well as in our press release and 10-Q. All investment performance references to peer groups on today's call are using Morningstar peer groups and are for the quarter that ended June 30, 2024.

Now, I'll turn it over to Rob.

Rob Sharps

Linsley, thank you and thank you all for joining us today. As we shared in our earnings release, we ended the quarter with just under $1.57 trillion in assets under management and $3.7 billion in net outflows. While market gains continued to support our financial results, I'm pleased to say that we are making steady progress in flows and investment performance. Our sales pipeline is healthy, redemption pressure is stabilizing, and our associates are driving our strategic initiatives forward. We continue to be on track to substantially reduce net outflows this year.