T. Rowe Price Group today reported record high assets under management in the second quarter, while Old Mutual Asset Management and Affiliated Managers Group also reported quarterly gains in assets.
T. Rowe Price had $244.8 billion in assets under management as of June 30, up 3.8% from the previous quarter and 18.4% above the same date a year earlier, according to a news release. Mutual fund assets were $154.4 billion in the second quarter, up 4.2% from March 31. Net inflows for the second quarter came to $2.8 billion, with the firm's Growth Stock, Capital Appreciation and Equity Income funds accounting for $1.9 billion of that total. Market appreciation and income added another $3.4 billion. Institutional assets were $90.3 billion as of June 30, up 3.1% from the end of March. T. Rowe Price reported record revenues of $363.5 million, up 1.8% from March 31 and 17% higher than the year-earlier period, and record net income of $102.7 million, up 9.2% from the previous quarter and 27.9% higher than the year before.
Old Mutual Asset Management reported $209 billion in AUM as of June 30, 7.5% above its March 31 numbers and up 28% from the year before, according to a news release. Old Mutual, which holds a majority stake in a range of asset management firms, said net client inflows reached a record high of $10.6 billion for the quarter, with investment performance by member firms accounting for the remaining $3.9 billion increase in AUM.
AMG reported $138 billion in assets under management in the second quarter, up 4.5% from the previous quarter and 35% higher than June 30, 2004. On a pro-forma basis, with AMG's pending acquisition of First Asset Management, AUM would come to about $163 billion. Revenues for the quarter ended June 30 came to $208.2 million, up 3.3% from March and a 31% increase from the year before. Net income came to $26.2 million, up 2.3% from March 31 totals and 39% higher than the second quarter 2004.