T. Rowe Price profits fall 38%

T. Rowe Price's second-quarter earnings fell by 38% as investment advisory revenue slumped.

The group saw $3.5bn of net inflows during the quarter, including $4.1bin to mutual funds. Chief executive James Kennedy says the market rally that began in early March may signal that "we have passed the bottom in the markets". But he warns the severe downturn in global financial markets has had a "dramatic effect" on its financial results. “The second half of 2009 will likely continue to be challenging for both consumers and companies around the world; nevertheless, investors should be encouraged about the prospects for a gradual return to longer term financial stability and glob...