T Rowe Price sees AuM grow 8%

Arrow_up_2Assets under management by T Rowe Price rose 8% in the final quarter of 2011 to finish the year on $489.5 billion (€370 billion). The company attributed the gain to net cash inflows of $1.1 billion plus market appreciation and income of $34.9 billion. The end-of-year figure is $7.5 billion larger than the figure for the end of 2010, an increase of 1.6%. This growth rate is well below the rate seen in 2010, when the company's assets grew 23%. The comparatively small gain in 2011 reflects volatile market conditions, which have seen the US-based firm's assets fluctuate in value over the year. The firm received revenues of $2.7 billion during 2011 and net income of $773.2 million. Both figures were higher than the corresponding results in 2010. James AC Kennedy, the company’s chief executive officer and president, said 2011 was “an unusually volatile year that tested the patience of investors around the world”. But he said the company had continued to hire new staff despite the uncertainty, including enlarging its equity team in Australia and hiring a head of fixed income solutions. ©2012 funds europe

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