BALTIMORE (AP) — The investment firm T. Rowe Price Group Inc. said Tuesday its third-quarter profit rose nearly 10 percent as revenue rose almost 16 percent, but the results missed Wall Street expectations and its shares fell more than 7 percent.
T. Rowe Price's assets under management tumbled almost 13 percent due to what the company attributed to volatility in global financial markets "resulting from investor concerns over geopolitical and economic uncertainties."
The Baltimore-based investment firm posted net income after distribution to restricted stock shares of $184.6 million, or 71 cents per share, compared with $168.4 million, or 64 cents per share, a year ago.
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