Revenue Rises
T. Rowe Price’s assets under management declined $3.4 billion from the previous quarter to $614 billion as of June 30. Assets were up 13 percent from a year earlier, helping boost revenue 16 percent to $854.3 million. Operating expenses climbed 11 percent to $455.5 million.
’We’ve been picking up the pace of investment in technology and distribution, both institutional and retail, and in the U.S. and globally,’’ Kennedy said. He said the new investments would occur over “multiple years.”
BlackRock Inc., the world’s largest asset manager, said July 18 its second-quarter net income rose 32 percent as investors deposited a net $11.0 billion in BlackRock funds, driven by multi-asset products and index funds.