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T. Rowe Price Rises Most in Two Years as Profit Jumps

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Jan. 28 (Bloomberg) -- T. Rowe Price Group Inc., the asset manager that posted a profit every quarter since going public in 1986, rose the most in more than two years after fourth-quarter profit jumped 24 percent.

T. Rowe rose as much as 5.7 percent, the most since November 2011, after reporting net income of $284.8 million, or $1.06 a share, for the three months ended Dec. 31, compared with $229.9 million, or 88 cents, a year earlier. The stock rose 4.7 percent to $80.11 at 12:17 p.m. in New York.

T. Rowe benefited from a 30 percent rally by the Standard & Poor’s 500 Index of U.S. stocks in 2013, which helped to boost assets to a record $692.4 billion. Clients added about $100 million in net new money as retail customers made deposits, primarily through retirement-oriented products, while institutional clients withdrew money.

Institutional withdrawals were largely driven by one large, non-U.S. client that has been pulling money out for multiple quarters, Chief Executive Officer James Kennedy said today in an interview. Kennedy said the client’s withdrawals were “almost done.”

To contact the reporter on this story: Christopher Condon in Boston at ccondon4@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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