T Rowe Price Reports Strong Third-Quarter Profit

(Reuters) – Asset manager T Rowe Price (NASDAQ:TROW) reported a 17.4% rise in third-quarter profit on Friday. This increase was supported by a jump in advisory fees as strength in U.S. equities boosted assets under management (AUM) at the firm.

The Baltimore, Maryland-based company saw its total investment advisory fees rise by 11.5% to $1.63 billion.

A string of encouraging U.S. economic data and expectations of more interest rate cuts by the Federal Reserve have sparked a rally in equity markets.

On a sequential basis, the company's AUM increased by $61.8 billion to $1.63 trillion during the quarter.

Adjusted profit rose to $586.5 million, or $2.57 per share, for the three months ended Sept. 30, compared with $499.5 million, or $2.17 per share, a year earlier.