T. Rowe Price rises most in two years as profit jumps on rally

T. Rowe Price Group Inc., the asset manager that posted has a profit every quarter since going public in 1986, rose the most in more than two years after fourth-quarter profit increased 24%.
JAN 28, 2014
T. Rowe Price Group Inc., the asset manager that has posted a profit every quarter since going public in 1986, rose the most in more than two years after fourth-quarter profit jumped 24%. T. Rowe rose as much as 5.7%, the most since November 2011, after reporting net income of $284.8 million, or $1.06 a share, for the three months ended Dec. 31, compared with $229.9 million, or 88 cents, a year earlier. The stock rose 4.7% to $80.11 at 12:17 p.m. in New York. T. Rowe benefited from a 30% rally by the S&P 500 in 2013, which helped to boost assets to a record $692.4 billion. Clients added about $100 million in net new money as retail customers made deposits, primarily through retirement-oriented products, while institutional clients withdrew money. Institutional withdrawals were largely driven by one large, non-U.S. client that has been pulling money out for multiple quarters, Chief executive James Kennedy said Tuesday. Mr. Kennedy said the client's withdrawals were “almost done.” (Bloomberg News)

Latest News

Private credit becoming 'big piece' of annuities, T. Rowe exec says
Private credit becoming 'big piece' of annuities, T. Rowe exec says

Goldman Sachs retirement survey finds 83% want guaranteed income, while the annuities providing that income increasingly hold private credit.

Zocks debuts Claude plugin with seven skills for financial advisors
Zocks debuts Claude plugin with seven skills for financial advisors

The AI meeting assistant's Advisor Intelligence plugin turns client conversation data into annual reviews, tax scans and attrition alerts.

Stifel settles massive $30 million complaint involving star broker’s sale of structured products
Stifel settles massive $30 million complaint involving star broker’s sale of structured products

Chuck Roberts and Stifel have been facing scrutiny due to sales of structured products and structured notes.

SEC floats CFP route to accredited investor status, fund rules refresh amid private market push
SEC floats CFP route to accredited investor status, fund rules refresh amid private market push

Among other updates, the proposals would let advisors to regulated funds earn performance fees and allow interval funds to offer monthly repurchases.

The Year Is 2046 and I’m a Financial Advisor 
The Year Is 2046 and I’m a Financial Advisor 

What will financial advice look like 20 years from now? Evan Vladem explores how AI may transform wealth management while reinforcing the enduring value of human guidance, trust, and empathy. 

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains