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.”