BALTIMORE -- Investment Manager T. Rowe Price Group Inc. said Friday second-quarter earnings fell as revenue from managing investments declined 27 percent from a year ago.
The company reported net income of $100 million, or 38 cents per share, compared with $162.2 million, or 59 cents per share. Revenue fell to $442.2 million from $586.5 million a year earlier.
Analysts surveyed by Thomson Reuters expected profit of 34 cents on revenue of $423.8 million.
The Baltimore-based company said investment advisory revenue earned from mutual funds distributed in the United States decreased 29 percent, or $100.7 million, to $248.8 million. Average mutual fund assets in the second quarter were $179.6 billion, a decrease of 26 percent from the average for the comparable 2008 quarter.However, the company said that trend has reversed and it reported mutual fund assets at June 30 of $189 billion, up $30.2 billion from the end of March
The company reported net income of $100 million, or 38 cents per share, compared with $162.2 million, or 59 cents per share. Revenue fell to $442.2 million from $586.5 million a year earlier.
Analysts surveyed by Thomson Reuters expected profit of 34 cents on revenue of $423.8 million.
The Baltimore-based company said investment advisory revenue earned from mutual funds distributed in the United States decreased 29 percent, or $100.7 million, to $248.8 million. Average mutual fund assets in the second quarter were $179.6 billion, a decrease of 26 percent from the average for the comparable 2008 quarter.However, the company said that trend has reversed and it reported mutual fund assets at June 30 of $189 billion, up $30.2 billion from the end of March
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