* Assets under management jump on stock market rebound
* Net inflows mixed from third quarter
By Aaron Pressman
BOSTON, Jan 28 Top U.S. money managers reported
sharply higher fourth-quarter profits on Thursday, bolstered by
the stock market's strong rise.
Net inflows were steady but showed little sign that
investors were growing more attracted to stocks, despite the
Atlanta-based Invesco (IVZ.N) said net income more than
tripled from a year earlier to $110.9 million, or 25 cents a
share. Baltimore-based T. Rowe Price Group (TROW.O) said profit
jumped six-fold to $153 million, or 57 cents a share. And
Denver-based Janus Capital Group (JNS.N) said earnings from
continuing operations more than quadrupled to $37 million, or
20 cents a share.
All three companies were aided by the stock market's
recovery in 2009. The Standard & Poor's 500 Index has risen 32
percent over the past year.
Some managers' year-earlier results were hurt by losses on
their own investments.
At Invesco, assets under management increased 3 percent
from the third quarter to $423.1 billion, aided by a $10.2
billion increase in market value. Customers added a net $2.6
billion to long-term funds, the same level of inflow as in the
third quarter. Money market clients pulled out a net $7.7
billion, after withdrawing $2.6 billion in the third quarter.
T. Rowe reported total assets of $391.3 billion, a 7
percent gain from the end of the third quarter. Net inflows
added $4 billion to mutual funds and $3.3 billion to
institutional accounts. That about equaled the $7.4 billion of
total net inflow in the third quarter.
Market movements added $17.8 billion during the fourth
quarter, down from gains of $43.2 billion in the third
Janus said it oversaw $159.7 billion at the end of the
fourth quarter, a 5 percent increase from the third quarter.
Net flows were break-even, while rising market values added $8
billion. Investors withdrew a net $800 million in the third
quarter, when market gains added $20 billion.
(Reporting by Aaron Pressman; Editing by John Wallace)