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James A.C. Kennedy From Precy Dumlao, Opalesque Asia:
Asset management firm T. Rowe Price Group saw its assets rise $11bn in the second quarter of this year to reach $520.9bn (up from $509.9bn at March 31, 2011) as net revenues jumped $713.7m with a $204.7m net income as of the end of June 30, 2011 compared to $577.4m, and net income of $158.5m during the same period last year. Diluted earnings per common share increased by 29% to $0.76 from the $0.59 per share in the comparable 2010 quarter.
In a statement, T. Rowe Price said that net cash inflows in the second quarter of 2011 reached $9.8bn. Market appreciation and income generated an additional $1.2bn to assets under management. Investment advisory revenues increased 24%, or $119.7m, from the comparable 2010 quarter.
T. Rowe Price Chief Executive Officer James A.C. Kennedy, commented: "We are proud that such a broad spectrum of our portfolios, including our asset allocation strategies, continue to deliver very attractive long-term returns. This solid track record, combined with our investment and industry expertise, has enabled us to provide sought-after investment solutions to institutional and individual investors alike, helping our clients achieve their financial goals."
Kennedy added that the strong net new client inflows across the firm’s equity and fixed income portfolios help boost performance to a record high in the second quarter of the year whic...................... To view our full article Click here
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