EUROPE – US-based asset manager T. Rowe Price has seen its European assets under management more than double.
The Baltimore-based firm said its total assets in Europe at the end of the third quarter of 2003 were 3.45 billion dollars. That compares to 1.6 billion dollars a year ago.
Its European sales arm, T. Rowe Price Global Investment Services, has 65 mandates from more than 50 clients. It says that 13 of the largest 25 pension plans in the Nordic region are clients. It recently named Jandaan Felderhoof to run its institutional business in Belgium and the Netherlands.
The company earlier this week reported overall third-quarter net income of 66.3 million dollars, a rise from the prior-year period’s 43.2 million dollars. Revenues rose to 258 million dollars from 222 million dollars.
Total assets under management rose in the quarter by 7.8 billion dollars to 168.9 billion dollars – the highest level since the third quarter of 2000, when assets under management were 179.6 billion dollars.
Chairman and president George Roche said: “As the market has returned to levels not seen in over a year, we continue to benefit from the performance of our managed investment portfolios.”
He added: “We believe the remainder of the year should remain favourable for the financial markets and for the company.”