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.