T. Rowe Price Group Inc. said Tuesday that its fourth-quarter net income rose 28.1% from a year earlier, to $190.7 million.
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The Baltimore money manager's per-share earnings of 68 cents were 5 cents higher than the average estimate of analysts surveyed by Thomson Financial.
T. Rowe Price, best known for its stock and retirement funds, said its conservatively run family of mutual funds attracted assets in the quarter.
The company said revenue in the three months increased 22.3% from a year earlier, to $598 million, and assets under management rose 1%, to $400 billion. It said net cash inflows from investors came to $9.1 billion.
