(Bloomberg) -- T. Rowe Price Group Inc., the asset manager that posted a profit every quarter since going public in 1986, reported first-quarter revenue that missed analysts estimates as institutional clients pulled money.
The shares fell the most in more than a year after the company said revenue rose 12 percent to $815.7 million, below the $819.8 million average estimate of 15 analysts surveyed by Bloomberg. Institutional products lost $4.3 billion in withdrawals, primarily related to clients outside the U.S. who changed their investment objectives, Baltimore-based T. Rowe Price in a statement.
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