The T. Rowe Price Group Inc., a Baltimore-based investment management firm, has reported a record of $334.7 billion assets under management at the end of 2006.
This news comes along with the release of T. Rowe Price?s fourth quarter results for fiscal 2006. In the release, T. Rowe Price reveals that it earned net revenues of $489 million, with a net income of about $149 million.
This translates to a diluted earnings per share of 53 cents for stockholders.
“Part of [the record] is that we have the benefit of the winds in our sails, the markets went up the second half of the year,” said James A.C. Kennedy, the chief executive officer and president of T. Rowe Price. “The main reason we have tremendous asset growth is we have tremendous people here at T. Rowe Price.”
For 2006, T. Rowe Price has increased net revenues of $1.8 billion, a boost in net income of about $530 million and an increase of diluted earnings per share of $1.90.
To keep up with the expanding profits and the expanding business, T. Rowe Price has grown its firm by 5.3 percent internationally and now employs 4,605 associates around the globe.
“Our two major assets are our people and our name,” Kennedy said. “We will continue to invest in our people, our infrastructure and our technology so we can perform for our clients.”
As of Friday, shares of T. Rowe Price were trading at $47.30, down 1 cent or .02 percent.
