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December 01, 2009 at 02:00 AM
The T. Rowe Price Group says it had net revenues of $498.1 million and net income of $132.9 million in the third quarter of 2009 vs. net revenues of $554.8 million and net income of $152.8 million in the year-ago period. Investment advisory revenues fell 10.4 percent, or $48.4 million, from the comparable 2008 quarter.
Assets under management increased from $315.6 billion at June 30, 2009, to $366.2 billion at September 30, including $218.4 billion in the T. Rowe Price mutual funds distributed in the United States and $147.8 billion in other managed investment portfolios.
Net cash inflows in the third quarter 2009 totaled $7.4 billion, the company says, and higher market valuations and income added $43.2 billion to assets under management in the 2009 quarter. Investors outside the United States now account for 11 of the firm’s AUM.
“The firm’s investment advisory results relative to our peers remain strong, with 87 percent of the T. Rowe Price funds across their share classes surpassing their comparable Lipper averages on a total return basis for the 5-year period ended September 30, 2009, 83 percent outperforming for the three-year period, and at least 79 percent outperforming for the one- and 10-year periods,” says James A.C. Kennedy, the company’s chief executive officer and president.
In addition, results for the first nine months of 2009 include net revenues of more than $1.3 billion and net income of $281.1 million. Assets under management have increased 32.5 percent from the beginning of 2009, with net cash inflows from investors totaling $15.4 billion and market appreciation and net income adding $74.5 billion during the year-to-date period.
