GLOBAL - T. Rowe Price Group's assets under management (AuM) reached a record US$269.5bn at year end 2005, up nearly 15% ($34.3bn) on the previous year.
In its annual results, the group said $11.9bn of the total assets acrrued in 2005 came after September 30.
For 2005, T. Rowe Price reported net revenues of $1.5bn and net income of $431m.
In the fourth quarter, net revenues totalled $402m, up from the $345m reported in Q3 2004.
T. Rowe attributed net cash inflows of $4.4bn into managed invesmtent portfolios in Q4 in part to institutional investors investment in US equity securities. However operating expenses in the fourth quarter of 2005 were $28.5m more than in the previous year’s quarter. According to the investment manager, the largest expense, compensation and related costs, increased $16m from the fourth quarter of 2004.
The group’s chairman and president, George A. Roche said: “We are pleased to report that T.Rowe Price Group completed another very successful year in 2005, despite choppy financial markets that faced significant headwinds from rising short-term interest rates, devastating natural disasters, high energy and other commodity prices, and ongoing geopolitical instability.”
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