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T. Rowe Price Group Incorporated

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...