T. Rowe Price European assets rise to E3.4bn

EUROPE – US-based asset manager T. Rowe Price says its assets under management in Europe have risen to 4.4 billion dollars (3.4 billion euros) at the end of 2003.

The Baltimore-based firm said its total assets in Europe at the end of 2002 were just over two billion dollars.

It says it now has more than 80 clients and more than a 100 mandates in Europe. This is up from 50 clients and 65 mandates at the end of the third quarter.

Last month the firm reported that total assets under management rose to 190 billion dollars, a 12% rise on the previous quarter and a record. Fourth-quarter net income rose to 68.6 million dollars on revenues of 281 million dollars.

“Our corporate earnings and cash flow remain very strong and give us substantial financial flexibility,” said George Roche, chairman and president. “As a result we have been abele to invest in our business increase our dividend, and repurchase our common stock.”

“We also repaid our remaining debt of nearly 57 million dollars during 2003 and have cash and liquid investment holdings of nearly 400 million dollars at the beginning of 2004.”

Late last year T. Rowe said chief investment officer David Testa would retire and be replaced by 22-year company veteran Brian Rogers.