T. Rowe Price Group announced better-than-expected fourth-quarter earnings on Friday as assets under management soared on inflows, particularly to target-date retirement portfolios.

The firm reported net revenues of $647.5 million, up from $542.6 million, net income of $191.6 million, up from $152.5 million, and diluted earnings per common share of $.72, a jump of 26% from the $.57 per share in the prior year. Assets under management rose to $90.7 billion during the year to hit a record $482 billion.

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