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T. Rowe Price Falls as Firm Cuts Fees on Some Mutual Funds

  • Firm ‘not immune’ from pricing pressures affecting industry
  • T. Rowe had net outflows from U.S. equity in the first quarter
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Money manager T. Rowe Price Group Inc. fell the most in three months after the company said it cut fees on some of its mutual funds. 

T. Rowe, in a statement accompanying its release of first-quarter earnings Tuesday, said it “regularly assesses the competitiveness of such fees and will continue to make adjustments as deemed appropriate.” The reductions, which were not spelled out, were part of the reason its investment-advisory revenue grew more slowly than assets under management, the Baltimore-based firm said.