T. Rowe Price Group said Tuesday that strong mutual fund inflows and growth in its international business had helped its second-quarter profit grow 49.2% from a year earlier.
The Baltimore asset manager said it earned $80.3 million on a revenue increase of 30.8%, to $310 million. It earned $53.8 million in the second quarter of 2003.
Assets under management increased 28%, to $206.8 billion, from a year earlier.
T. Rowe said it added $5.8 billion of assets under management in the quarter. The growth included $4.2 billion of net investor inflows, with almost $1.9 billion added to mutual funds and $2.3 billion to other managed portfolios.
George Roche, the company's chairman and president, said in a statement that its institutional advisory business did well in the quarter, particularly outside the United States, where net inflows exceeded $1 billion.
