T. Rowe Price
executives said they expect full-year ad spending to be about 25 percent lower than last year's.
The Baltimore-based fund firm spent $104.1 million in 2008 on advertising and promotion.
In the first three month of 2009, ad spending amounted to $22.7 million, down 38 percent, or $14 million, from the year-ago period, and down $8 million from the
fourth quarter of 2008.
"The firm has reduced advertising and promotion expense in response to the change of investor sentiment in this uncertain and volatile market environment," according to
T. Rowe's earnings release issued Wednesday morning.
For the current quarter, T. Rowe expects ad and promotion spending to about 30 percent lower compared to that of the first quarter.
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