T. Rowe Price saw its third quarter earnings fall nearly 13 percent from a year ago, as tumbling markets cut into its assets and deposits slowed.
The Baltimore-based investment firm’s net income fell to $152.8 million or 56 cents a share from $174.8 million or 63 cents a year ago. Falling stock prices cut the value of assets managed by T. Rowe for investors by 11 percent since June 30, to $345 billion.
“It’s a tough time period,” T. Rowe President and CEO James Kennedy said. “The good news is the firm is very stable, very healthy. We have a strong balance sheet, strong financial position.”
Since Jan. 1, the firm’s assets under management have fallen nearly 14 percent, as $19.5 billion in cash inflows have been offset by market value declines of $74.5 billion.
