T. Rowe Price Group Inc. credited growth in revenue and assets under management for a 24.4% jump from a year earlier in third-quarter net income.
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The Baltimore money manager said net income totaled $82.5 million. Assets under management on Sept. 30 totaled $212 billion, up 25.5%, and third-quarter revenue rose 22.4%, to $316.2 million.
Chairman and president George Roche said in a press release Tuesday that net inflows to mutual funds and separate subadvised accounts were strong and global expansion had been critical to growth. Five percent of the assets T. Rowe Price is managing are those of foreign investors, up from 4.2% a year ago, the company said.
