T. Rowe Price Group says it had second-quarter revenues of nearly $587 million on net income of $162 million vs. sales of $551 million in the same year-ago quarter and similar net income. Investment advisory revenues rose almost 7 percent, or $31.2 million, from the comparable 2007 quarter, and assets under management increased 2.4 percent from March 31, 2008, to $387.7 billion as of June 30; this includes $233.3 billion in T. Rowe Price mutual funds distributed in the United States and $154.4 billion in other managed investment portfolios.
Net cash inflows from investors in the second quarter of 2008 totaled $8.1 billion. Changes in market valuations and portfolio income in the 2008 quarter added $1.0 billion to assets under management.
"In spite of a very unsettled financial environment, we remain encouraged by our solid investment management results and the pace of net cash inflows across our distribution channels," says CEO and President James A.C. Kennedy.
International and global stock funds had net inflows of $1.2 billion, U.S. stock funds added $.7 billion, and bond and money funds added $0.5 billion.
