T. Rowe Price Group Inc. announced Friday that quarterly profits increased 27% from a year earlier, to $148.9 million, or 53 cents a share, as assets under management rose to a record level.
The Boston money manager beat the average analyst's expectation by 2 cents, according to Thomson Financial.
Net revenue increased 21.3%, to $489 million, as assets under management rose 24.2%, to a record $334.7 billion at yearend. T. Rowe Price had $6.3 billion of inflows from investors in the fourth quarter.
James Kennedy, T. Rowe Price's chief executive officer and president, said in a press release that strong investment markets in the second half helped create the strong results, but that investors should expect more conservative returns in the near term. He took the helm last month, when George Roche announced his retirement.
