Investors deposited $4.5 billion into T. Rowe Price's mutual funds, including $2.2 billion into stock and blended asset funds and $2.1 billion into bond funds.
Revenue Rose
The firm's revenue rose 13 percent compared with a year earlier to $769.7 million. Operating expenses increased 7 percent to $410.8 million because of increased compensation costs. T. Rowe Price has increased its average staff size by 1.4 percent from a year earlier and will continue to hire, Kennedy said.
The sale of investments generated a $31.2 million gain for T. Rowe Price and resulted from the firm moving about $170 million in its U.S. equity and bond portfolios to two of its European investment vehicles, Kennedy said. The firm, which shifted the money to increase assets in the European portfolios and attract more investors, is close to getting an "attractive mandate," he said.