T. Rowe Price Group said its second-quarter net income rose 3.7%, though revenue from investment advisory fees fell slightly.
The Baltimore mutual fund company also said that the rebound in financial market valuations during the quarter brought assets under management to their highest level, $161.2 billion, since the end of 2000.
"As the market has shown signs of recovery, we continue to be encouraged by the performance of our managed investment portfolios and the companys positioning for both individual and institutional investors," George A. Roche, T. Rowes chairman and president, said in a statement.
T. Rowe Price reported second-quarter net income of $53.8 million, or 42 cents a share, compared with $51.9 million, or 40 cents a share, a year earlier. Analysts were expecting earnings of 38 cents a share, according to Thomson First Call, a sister company of Thomson Media, publisher of this Web site.
Revenue fell 1.2%, to $237.5 million. Investment advisory fees brought in $183.9 million, down 3.1% from a year earlier, but revenue from administrative fees and other income rose during the quarter.
The companys $161.2 billion of assets under management as of June 30 was up 15.2% from March 31 and 8.3% from a year earlier.