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By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | April 17, 1998
George A. Roche has little choice but to see the glass as half-full, rather than half-empty. Or even three-quarters full, for that matter.T. Rowe Price Associates Inc.'s stockholders have plenty of reason to share that view after yesterday's annual meeting, a gathering in which owners of the mutual fund giant received predictions of a healthy economy, approved a 2-for-1 common stock split, got news of record revenue in the first quarter of this year, and...
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BUSINESS
By Lorraine Mirabella, The Baltimore Sun | March 4, 2014
Legg Mason Inc. has agreed to acquire QS Investors, a New York-based investment firm with $4.1 billion in assets under management and nearly $100 billion in assets under advisory. Financial terms of the deal, announced Tuesday, were not disclosed. The Baltimore-based money management firm said it plans to integrate its Batterymarch Financial Management and Legg Mason Global Asset Allocation divisions over time into QS Investors. The deal, Legg CEO Joseph A. Sullivan said on a conference call with analysts, "is entirely in keeping with what I have said many times, namely that we intend to have fewer and larger affiliates to brand and to market.
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BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 18, 2002
Despite the recession and a dour stock market, Legg Mason Inc. said yesterday that it made $41.1 million in its fiscal third quarter - the third-best quarterly results in the company's history - and that its assets under management reached record levels. However, the profit of the Baltimore asset manager and brokerage was essentially the same as last year's: 60 cents per diluted share in the quarter that ended Dec. 31, compared with 61 cents a year earlier. The results surprised Wall Street analysts, beating their estimates by 6 cents per share, according to Zacks Investment Research.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 24, 2013
T. Rowe Price Group reported a 20 percent increase in earnings for the second quarter Wednesday, but a decline in assets under management when investors withdrew money contributed to a sharp sell-off of the company's stock. The Baltimore-based money manager said it earned $247.8 million in the April-to-June quarter, about 20 percent higher than the $206.8 million it earned a year ago. On a per-share basis, Price earned 92 cents for the quarter, three cents less than analysts expected, but more than its 79 cents profit a year earlier.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 20, 2001
Legg Mason Inc.'s profit dropped 18 percent in the company's fiscal second quarter, driven lower by a decline in brokerage revenue, higher legal reserves and lower profit on margin loans to customers. Still, Legg Mason's assets under management jumped to a record, investment banking revenue nearly tripled and stockholders' equity, or capital, shot past $1 billion for the first time. The Baltimore-based asset management and brokerage company made $30.4 million in the quarter that ended Sept.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | April 28, 2004
T. Rowe Price Group Inc. said yesterday that its first-quarter profit nearly doubled and earnings per share matched a record set during the first quarter of 2000, when stock market valuations peaked before entering a three-year slump. Mutual fund investors shrugged off concerns about sluggish job growth and fighting in Iraq and poured $6.4 billion into T. Rowe Price funds during the quarter, helping to lift the Baltimore investment firm's net income to $77.3 million, or 58 cents per share.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 26, 2002
Hampered by a weak economy and listing stock market, T. Rowe Price Group Inc.'s fourth-quarter profit fell 18.9 percent as assets the firm manages declined, the company said yesterday. It was the first time since 1990 that Price's profit for the full year was less than the previous year. The Baltimore mutual fund company made $45 million, or 35 cents per share, in the fourth quarter that ended Dec. 31, compared with $55.5 million, or 43 cents per share, in the corresponding period a year earlier.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | January 23, 2003
Moving to add more muscle to its wealth-management business, Mercantile Bankshares Corp. said yesterday that it will acquire Boyd Watterson Asset Management LLC of Cleveland. The acquisition is the third major move by Baltimore-based Mercantile since it announced a renewed focus on its asset- and wealth-management businesses. "This is consistent with the strategy of the company," said Gary B. Townsend, a senior financial services analyst with Friedman, Billings, Ramsey Group Inc. in Arlington, Va. Mercantile is "trying to bolster the asset-management and investment-management sides of its business."
BUSINESS
December 10, 1997
Legg Mason Inc. signed a definitive agreement to acquire money manager Brandywine Asset Management Inc. in a stock swap valued at about $135 million, the Baltimore-based company said yesterday.Legg will issue 2.6 million shares of common stock, or about 10 percent of its current outstanding shares, plus 200,000 stock options.Raymond A. "Chip" Mason, Legg's chairman and chief executive, said the Wilmington, Del.-based Brandywine fits well with its "value" style of investing. It also adds billions of dollars in assets to the company's managed portfolio.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | July 19, 2002
By controlling costs and adding assets under management, Legg Mason Inc. overcame a rocky stock market to see its fiscal first-quarter earnings soar 39 percent - beating Wall Street's estimates. In the three months that ended June 30, net income was $49 million, an increase of 39 percent over the $35.4 million earned in the same quarter last year. Net income per diluted share was 71 cents, a jump of 37 percent from the 52 cents per share recorded in fiscal first quarter 2001. The consensus estimate of analysts was 68 cents per share, according to Thomson Financial/First Call.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 24, 2012
Buoyed by rising assets under management and market gains, T. Rowe Price Group reported Wednesday that it earned $247.3 million, or 94 cents per share, for the third quarter. Revenue reached $769.7 million for the three months ending Sept. 30. A year earlier, the Baltimore-based investment company earned $185.5 million, or 71 cents per share, on revenue of $679.4 million. The third-quarter results included a one-time gain of $31.2 million, accounting for 7 cents per share, from the sale of securities from a number of funds, said James A. C. Kennedy, president and CEO. That gain was re-invested in some of Price's European portfolios to beef up their assets and attract institutional shareholders, he said.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 25, 2011
Baltimore money manager T. Rowe Price reported on Tuesday a nearly 10 percent increase in third-quarter profit, but clients withdrew more money than they put into mutual funds and other investments for the first time in nearly three years. Price missed Wall Street expectations by three cents, prompting shares to lose $4.91, or 8.8 percent. The stock closed Tuesday at $51.08. Net income for the three months ended Sept. 30 was $185.5 million, compared with $169.1 million in the corresponding period last year.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 26, 2011
T. Rowe Price Group, the Baltimore-based mutual fund and investment advisory company, reported Tuesday a profit of $204.7 million for the second quarter, a 29 percent increase over the corresponding period a year ago. On a per-share basis, Price earned 76 cents, up from 59 cents a year earlier. The quarterly earnings are a penny off analysts' expectation of 77 cents per share, according to Bloomberg. Revenue for the quarter reached $713.7 million, up from $577.4 million for the second quarter a year ago. The company said that despite "choppy markets," money coming in from new clients pushed Price's assets under management to a record high.
BUSINESS
By Hanah Cho, The Baltimore Sun | July 23, 2010
Market volatility in the second quarter took a bite out of assets that T. Rowe Price Group manages, but the Baltimore company reported Friday that profit rose nearly 60 percent as clients invested more money in its mutual funds. The money manger's reported quarterly net income of $158.5 million, or 59 cents per share, compared with $100 million, or 38 cents per share, in the corresponding period last year. Clients poured $5.1 billion into Price's mutual funds and other accounts, continuing the flow of new investments the firm has seen despite the economic downturn.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 23, 2010
T. Rowe Price Group Inc. said Friday that its first-quarter profits tripled as investors sent more money to the Baltimore firm to manage and as financial markets rebounded from year-ago lows. The money manager said profits in the first three months of the year were $153 million, up from $48.2 million in the first quarter of 2009. The early part of last year was a bad stretch for many financial companies as the country struggled with a deep economic crisis. Price's earnings during the first quarter of last year were pulled down by a noncash impairment charge of nearly $36 million because of falling investment values in its mutual funds.
BUSINESS
By Andrea K. Walker | andrea.walker@baltsun.com | January 21, 2010
Baltimore money manager Legg Mason Inc. said Thursday that it posted a profit in its fiscal third quarter, but that clients continued to withdraw money from its stock and bond funds even as the rest of the industry saw increased investments. The company said net income was $44.9 million, or 28 cents per share for the quarter ended Dec. 31. That was compared to a loss of $1.49 million, or $10.59 per share, for the same period a year ago. Assets under management decreased 2 percent to $686.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | September 20, 1994
Legg Mason Inc. said yesterday it is negotiating to acquire Batterymarch Financial Management Corp., a Boston investment company with about $6 billion in assets under management.The deal, which Legg Mason executives said could be completed this week, would represent, by far, the largest in a recent string of acquisitions by the Baltimore-based brokerage and investment firm. The purchase would bring the assets under the company's management to more than $24 billion, from its current $18.5 billion.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | June 15, 2001
In a move that would further build its rapidly growing asset management business, Legg Mason Inc. is reportedly negotiating to acquire Royce & Associates Inc., a New York mutual fund company. Royce operates a dozen mutual funds and private accounts with about $4.2 billion in assets under management, according to its Web site. Legg Mason is much larger, with 23 retail mutual funds and about $140 billion in assets under management. Companies such as Royce have been selling for 2 percent to 5 percent of assets, meaning it could sell for $80 million to $200 million, the Wall Street Journal reported yesterday, quoting unidentified sources.
BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | July 25, 2009
Baltimore money manager T. Rowe Price Group said Friday that its second-quarter profits fell 38 percent from the same period a year ago, but the company beat Wall Street expectations and clients poured $3.5 billion into its mutual funds and other investments. Net income for the three months ending June 30 declined to $100 million, or 38 cents per share, compared with $162.2 million, or 59 cents per share, a year ago. Price's earnings exceeded Wall Street expectations of 34 cents per share.
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