Retirement Funds
T. Rowe Price had $71 billion in its target-date retirement funds as of June 30, third-most in the industry behind Boston-based Fidelity Investments and Valley Forge, Pennsylvania-based Vanguard Group Inc., according to Morningstar. Retirement funds attracted $2.8 billion in the second quarter, the company said.
The firm's revenues rose 3.2 percent from the second quarter a year earlier to $736.8 million, trailing the $753.8 million estimate by 14 analysts surveyed by Bloomberg. Operating expenses climbed 5.6 percent from a year earlier to $408.8 million.
In the five years ended June 30, T. Rowe Price's shares rose at an average annual pace of 6.1 percent compared with an annual loss of 6.7 percent for the Standard & Poor's index of custody banks and asset managers, according to data compiled by Bloomberg.