T. Rowe Price beat the Street's estimates of second quarter earnings by two pennies. Second quarter net income was $102.7 million, or $0.76 per diluted share.

Total assets under management were $244.8 billion at the end of the second quarter, up 3.8 percent from the first quarter. Mutual fund assets under management comprised 63 percent of total assets under management. Fund assets grew by 4.1 percent to $154.5 billion at the end of the second quarter.

Assets in stock funds increased 4.8 percent to $122.3 billion, while assets in bond funds grew 1.9 percent to $32.3 billion.

Investment advisory revenues from mutual funds totaled $214 million, up 2.9 percent from $208 million in the first quarter.

Management fees from institutional, international and other portfolios increased one percent to $81.4 million.

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News from Affiliated Managers Group was also good. The Boston-based overlay manager also beat analysts' estimates, but by one penny instead of two.

AMG's second quarter cash net income was $42.4 million, or $1.13 cash earnings per share. Diluted earnings per share were $0.63.

Assets under management grew by 4.5 percent quarter-over-quarter to $138 billion from $132.1 billion in the first quarter.

Mutual fund assets increased 10.2 percent to $37.8 billion due to $2.1 billion in net inflows and $1.4 billion in market appreciation.

"Looking ahead, we continue to identify and develop relationships with high quality mid-sized asset management firms," said Sean Healey, president and chief executive officer.  

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