Citi: T. Rowe Doing Just Okay

In a research report published today by Citi, T. Rowe Price Group Inc.

has reported a so-so update. According to Citi, “Management pointed to two issues confounding volumes: 1) ongoing active vs. passive debate; plus, 2) pick up in alternatives relative to traditional mandates. Such discussion seemed a bit more pessimistic vs. others presenting on Day 1 (IVZ, BEN, WDR). Indeed, IVZ management noted that L/C growth/value mandates remain elusive, perhaps also a factor in the flow calculus. Management considering some multi-asset class funds, but no interest in alternatives deal to broaden platform.” Citi maintains its Sell rating and $50 PT on T. Rowe, which closed yesterday at $60.98.