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T. Rowe Price profits rise 23 percent

T. Rowe Price profits rise 23 percent

Profits at T. Rowe Price Group Inc. increased 23 percent for the three-month period that ended in June, as a rising stock market pushed the amount of client money managed by the firm to a record high.

The Baltimore-based company said Thursday that assets under management as of June 30 increased to $738.4 billion, 20 percent more than the same time last year. The market-driven increase lifted firm net revenues, which rely on investment advisory fees, 15 percent to $984.3 million, it said.

But the increase was not quite as good as some analysts had hoped, with some reports issued after the earnings release calling the quarter "mixed" and...