Both of Baltimore’s major investment firms reported earnings today, with T. Rowe posting a net income of $162 million, identical to the second quarter of 2007, and up from a net income of $151.5 million in the first quarter. Legg Mason narrowed its losses to $31.3 million last quarter from $255.5 million in the previous quarter.
Legg’s losses were driven by charges connected to $155.4 million in support of several troubled money market funds. Meanwhile, investors put $8.1 billion into T. Rowe Price, which saw continued interest in its retirement investment portfolios.
“Our second quarter performance was achieved during a tough market environment in which major U.S. stock indexes experienced marked volatility,” T. Rowe Price President and CEO James Kennedy said in a statement. “Looking ahead, the credit crisis, deleveraging financial institutions, and inflationary pressures continue to be a brake on the economic recovery.”
