T. Rowe Price said it had net revenues of $736.8 million, net income of $206.8 million, and diluted earnings per common share of $.79, in the second quarter vs. year-ago net revenues of $713.7 million, net income of $204.7 million and diluted earnings per common share of $.76.

Investment-advisory revenues for the most-recent period grew by $18.3 million to $630.0 million from the comparable 2011 period, and average assets under management were up $23.4 billion, or 4.5 percent. Total assets under management were $541.7 billion as of June 30, a drop of $13.1 billion from $554.8 billion on March 31. Net cash inflows in the second quarter of 2012 were $4.7 billion, including $2.8 billion in the target-date retirement portfolios; these were offset by $17.8 billion in market depreciation.

Assets in the second quarter included $321.7 billion in T. Rowe Price mutual funds distributed in the United States, and $220.0 billion in other managed-investment portfolios. The firm's target-date retirement portfolios had assets of $79.0 billion, of which $71.2 billion were in target-date retirement funds and $7.8 billion in target-date retirement trusts.

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Janet Levaux

Janet Levaux, MA/MBA, is Editor in Chief of ThinkAdvisor & Investment Advisor. She's covered the financial markets since 1991 and advisors since 2005. Janet studied at Yale, Johns Hopkins SAIS and St. Mary's College of California. She's also lived and worked in Asia, Europe and Latin America, raised two sons, and won a Neal Award for top news coverage in 2020.