UPDATE 1-T. Rowe Price profit up 20 pct, but posts outflows
July 24 (Reuters) - Asset manager T. Rowe Price Group said its second-quarter profit rose 20 percent but reported a net outflow of investor cash.
For the three months ended June 30, T. Rowe Price of Baltimore on Wednesday reported net income of $247.8 million, or 92 cents per share, up from $206.8 million, or 79 cents per share, a year earlier.
Analysts had expected the company to earn 95 cents per share in the quarter, according to Thomson Reuters I/B/E/S.
Assets under management were $614 billion at June 30, up from $541.7 billion at the same point in 2012 but down from $617.4 billion at the end of March.
During the most recent quarter, market appreciation and income added $4.6 billion to T. Rowe Price's assets, the company said. But that was more than offset by the withdrawal of $8 billion by clients.
Most of the second quarter's outflows "were concentrated among a small number of large institutional and intermediary clients that changed their investment objectives or repositioned their strategy allocations," T. Rowe Price said in a statement.