T. Rowe Price Group Inc. on Wednesday reported higher first-quarter profit as assets under management rose to a record $292.9 billion.

The Baltimore-based investment manager said net income in the first three months of the year climbed to $116.7 million from $94 million a year ago. Revenues came in at $429 million, up from $357 million in the first quarter of 2005.

T. Rowe Price said assets under management expanded by $23.4 billion from $269.5 billion at the end of 2005 and are up 24 percent from $235.9 billion at the close of the first quarter in 2005. Net inflows totaled $9.6 billion.

Investment advisory revenues, meanwhile, reached $353.8 million, representing a 22-percent increase from $289 million a year earlier.

"Our strong first quarter performance was achieved during a period in which global equity markets overall produced solid gains," said George Roche, chairman and president of T. Rowe Price, in a statement.

"Although there are several headwinds that could create a more challenging investment environment moving forward, we are optimistic about the rest of 2006 and believe the financial markets can make moderate progress," he added. 

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