Watch for T. Rowe Price
to up its advertising push this quarter. On Friday the Baltimore-based asset manager released
its third quarter results, revealing plans to up its fourth quarter "advertising and promotion expenditures" by $12 million from last quarter. The mutual fund firm had dropped its Q3 2009 ad expenditures by $3.7 million year-over-year.
"The firm varies its level of spending based on market conditions and investor demand as well as its efforts to expand the investor base," T. Rowe's earnings report reads.
T. Rowe saw net income drop 13.02 percent from $152.8 million in Q3 2008 to $132.9 million in Q3 2009, and average mutual fund assets under management dipped 9.7 percent year-over-year to $204.3 billion. (T. Rowe ended the quarter on September 30, 2009 with $218.4 billion in mutual fund assets and $366.2 billion in total AUM.) Its Q3 mutual fund investment advisory revenue dipped 11.47 percent year-over-year from $289.4 million to $326.9 million.
Stay ahead of the news ... Sign up for our email alerts now