Net income stood at $197.5m compared to net income of $194.6m during the corresponding quarter previous year.
T Rowe Price chief executive officer and president James Kennedy said that the signs of economic improvement, healthy corporate earnings, and continued central bank easing extended the rebound that began in the final months of 2011 through the first quarter of 2012.
"We are pleased that in this environment, existing and new clients continued to look to us for investment solutions and entrusted us with their investments. Record quarterly client inflows combined with market appreciation boosted the firm’s ending and quarterly average assets under management to a record high for a quarter-end period," Kennedy said.
For the latest quarter period, its diluted earnings per common share were $.75 versus diluted earnings per common share of $.72 during the first quarter of 2011.
Investment advisory revenues rose by $34.2m to $623m from the comparable 2011 period, as average assets under management were up by $31.9bn, or 6%.
As of 31 March 2012, its assets under management stood at 554.8bn, with an increase of $65.3bn from $489.5bn from the fourth quarter of 2011.
The target-date retirement portfolios had assets under management of $78.8bn, including $71.2bn in the target-date retirement funds and $7.6bn in the target-date retirement trusts by the end of first quarter of 2012.
As of 31 March 2012, Mutual funds were $325.4bn, an increase of $36bn from the fourth quarter of 2011.
