T.Rowe Price[see profile]
this morning reported
a 29 percent jump in its second-quarter net income compared to the year-ago period.
In the three months ended June 30, the Baltimore-based asset manager chalked up net income of
$204.7 million, or 76 cents per share, up from
$158.5 million, or 59 cents per share last year.
The latest figure, however, fell short of analyst expectations. Wall Street analysts had forecast earnings of 77 cents a share, according to Reuters
T. Rowe officials said AUM went up $11 billion from end-March to a record $520.9 billion at the end of June. That includes $305.6 billion in the T. Rowe Price mutual funds distributed U.S. and $215.3 billion in other managed investment portfolios.
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