Rowe Price fund, whether it’s the flagship or whether it’s blend and you compare that to passive, I think the numbers really stand for themselves. It’s an important area for us. It’s an area that we dedicate specific marketing dollars and support to and it’s an area where we have momentum right now. We have record flows on a year-to-date basis in the target date franchise. There are always some planned dynamics around year-end, where you might have a plan that’s terminated oftentimes, new ones on board in January. So I’m not going to comment on — and sometimes there’s not even a lot of visibility as you go into year-end with regard to whether or not something kind of either going out or coming in will land in December or land in January. But if you take the longer view, we feel really good about the value proposition.
We feel really good about our momentum. It feels like our retirement date franchise as a whole is really resonating in the marketplace, and we’re excited to carry that momentum forward into 2024.
Jen Dardis: I think we’ve talked in previous times. If you think about the flows into target dates, there are two components. There’s the participant flows that go in that are kind of more regular. These are the paycheck additions or distributions for people who are in retirement those don’t add significantly to the balances year-end and throughout the year. But — so when you see the flows into target dates on a net basis, those are actual new plan wins typically. And so when we talk about pressure at year-end. That’s about plan changes, not about participant changes. And so this is a good sign for us as we look at positive flows that we’re continuing to add new plans to the stable of clients that we have.
Operator: Thank you. I actually have 1 more question. One moment please for our next question. Our next question comes from the line of Finian O’Shea with Wells Fargo Securities. Your line is now open.
Finian O’Shea: Hey, everyone. Good morning. Thanks so much. A question for OCredit. Can you give an update on your progress with distribution partners and maybe how you’re seeing monthly or quarterly sales starting out in the context of what the industry is doing? And then maybe how do you consider the puts and takes in rolling out additional direct lending vehicles for retail in the registered fund format? Thank you.
Robert Sharps: Yeah. Finian, thank you for the question. Okay. In terms of trends, we actually just reached effectiveness at the end of the third quarter. So this is really our first month. And our current focus is on building a wide distribution syndicate of wealth platforms by leveraging our strong existing relationships in the wealth channel. So we have regional investment consultants in the field that have relationships with brokers and advisers. We’ve got the home office relationships, and we’re really just getting started. I think what we’ve heard is that the combination of OHA’s 30-year history of delivering great performance in alternative credit and T. Rowe Price’s presence in the wealth channel and resources in the wealth channel should be pretty powerful.
Before we worry about kind of thinking about what we’re going to do next, I think we’re really, really focused on executing with regard to OCredit. We think it is a very well-designed, excellent value proposition in a way to bring the OHA capabilities to the wealth channel. We will, in time, think about what our product pipeline is and kind of ultimately, I think, build on the success of this with follow-on offerings and we’ll engage with our wealth clients to see where there are opportunities to do some things that are unique and it will be in demand. We — as we go out, we do have a handful of top advisory platforms that we’re launching on in Q4 and have some visibility with regard to launch — with regard to other partners as we get into early 2024.
So for now, we’re really excited about OCredit. I’d say much too early to comment on kind of monthly flows, but we’re encouraged by the platforms that we’re launching on. And our team will be working hard on what the right follow-on will be in this marketplace, but it will be some time until our focus pivots from being really successful with OCredit to what the next offering will be.
Operator: Thank you. I would now like to turn the conference back to Rob Sharps for closing remarks.
End of Q&A:
Robert Sharps: All right. Very good. Thank you for joining us and for your interest in T. Rowe Price. As we’ve talked about, our investment performance continued to show signs of strength this quarter, particularly in our largest franchises. Our associates are working hard to make progress on our strategic initiatives, and we’re very, very focused on executing against our cost-saving efforts. While we continue to face elevated net outflows, we are very optimistic that the flow picture will improve in 2024. And I’m very confident in the work our associates are doing and our plan to make progress toward returning to organic growth. Really appreciate the dedication and hard work of our associates, and that’s kind of really what’s behind that progress. So thank you again.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.
