T. Rowe Price Group Inc. reported its first profit drop since 2003 today as weak credit conditions led to a steep decline in inflows.
The Baltimore-based asset manager saw third-quarter net income fall 12.6% to $153 million, or 56 cents a share, from $175 million, or 63 cents a share, in the year-earlier period.
Third-quarter net cash inflows fell 76% from a year earlier to $1.7 billion.
Assets under management fell to 13% from the 2007 third quarter to $345 billion.
In other earnings news, Federated Investors Inc. reported a 3% third-quarter profit drop yesterday of $56.2 million, or 56 cents a share, compared with $57.7 million, or 57 cents a share, a year earlier.
The Pittsburgh-based investment manager’s total managed assets were up 25% from the 2007 third quarter to $344 billion.
Franklin Resources Inc. reported a profit drop of 30% yesterday of $403.3 million, or $1.71 a share, compared with $436.9 million, or $1.76 a share, a year earlier.
Assets under management at the San Mateo, Calif.-based fund manager fell 21% from a year earlier to $507.3 billion.
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