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T. Rowe Group, Inc. (TROW) Message Board

  • bluecheese4u bluecheese4u Jul 25, 2012 9:06 AM Flag

    T. Rowe Price Group Reports Second Quarter 2012 Results

    T. Rowe Price Group Reports Second Quarter 2012 Results

    BALTIMORE, July 25, 2012 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported its second quarter of 2012 results, including net revenues of $736.8 million, net income of $206.8 million, and diluted earnings per common share of $.79. In the second quarter of 2011, net revenues were $713.7 million, net income was $204.7 million, and diluted earnings per common share was $.76.

    Investment advisory revenues for the second quarter of 2012 increased $18.3 million to $630.0 million from the comparable 2011 period, as average assets under management were up $23.4 billion, or 4.5%. Assets under management at June 30, 2012 totaled $541.7 billion, a decrease of $13.1 billion from $554.8 billion at March 31, 2012. Net cash inflows in the second quarter of 2012 of $4.7 billion, including $2.8 billion originating in the target-date retirement portfolios, were more than offset by $17.8 billion in market depreciation.

    At June 30, 2012, assets under management include $321.7 billion in T. Rowe Price mutual funds distributed in the United States, and $220.0 billion in other managed investment portfolios. The firm's target-date retirement portfolios had assets under management at June 30, 2012 of $79.0 billion, including $71.2 billion in target-date retirement funds and $7.8 billion in target-date retirement trusts.

    Results for the first half of 2012 include net revenues of nearly $1.5 billion, net income of $404.3 million, and diluted earnings per common share of $1.54, an increase of 3% from the $1.49 per share in the first half of 2011. Net cash inflows of $17.1 billion and market appreciation and income of $35.1 billion increased assets under management $52.2 billion, or nearly 11%, from $489.5 billion at the end of 2011.

    From an investment performance standpoint, 73% of the T. Rowe Price mutual funds across their share classes outperformed their comparable Lipper averages on a total return basis for the three-year period ended June 30, 2012, 85% outperformed for the five-year period, 77% outperformed for the 10-year period, and 69% outperformed for the one-year period. In addition, T. Rowe Price stock, bond and blended asset funds that ended the quarter with an overall rating of four or five stars from Morningstar account for 74% of the firm's rated funds' assets under management. The firm's target-date retirement funds — which are designed to provide straight-forward investment and retirement planning solutions for clients — continue to deliver very attractive long-term performance, with at least 92% of these funds outperforming their comparable Lipper averages on a total return basis for the three- and five-year periods ended June 30, 2012.

    Financial Highlights

    Investment advisory revenues earned in the second quarter of 2012 from the T. Rowe Price mutual funds distributed in the United States were $434.3 million, an increase of $16.2 million, or 4%, from the comparable 2011 quarter. Average mutual fund assets under management in the second quarter of 2012 were $318.3 billion, an increase of 5% from the average for the second quarter of 2011. Money market advisory fees voluntarily waived by the firm to maintain positive yields for fund investors in the second quarter of 2012 were $7.8 million compared with $8.3 million in the comparable 2011 quarter. During the first half of 2012, the firm waived $16.6 million in such fees, an increase of $1.3 million from the similar 2011 period.

    Mutual fund assets at

    http://trow.client.shareholder.com/releasedetail.cfm?ReleaseID=695088

 
TROW
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