T. Rowe Price Group recently reported first-quarter 2008 results, including net revenues of $559 million and net income of $151.5 million; net revenues in the same period of 2007 were $508 million, and net income was $143 million.
Investment advisory revenues for the Baltimore-based firm were up more than 10 percent, or $45 million, from the comparable 2007 quarter. Assets under management declined some 5 percent from $400 billion at December 31, 2007, to $378.6 billion at March 31, 2008. Record quarterly net cash inflows from investors totaled close to $10 billion in the first quarter of 2008, though lower market valuations, net of income, reduced assets under management by some $31 billion.
Average mutual fund assets were $231.2 billion in the first quarter, an increase of 8 percent from the year-ago average. Mutual fund assets as of March 31 were $230.5 billion, down $15.5 billion or 6 percent, from year-end 2007. Net inflows to the mutual funds were $3.7 billion during the first quarter of 2008. International and global stock funds had net inflows of $1.7 billion, bond funds added $1.2 billion, and money funds added $0.8 billion, the company says.