(Corrects bullet 1 to say average AUM rose to $1.8 trillion, not $1.7 trillion)
April 30 (Reuters) - Goldman-backed T. Rowe Price Group reported a rise in first-quarter profit on Thursday, boosted by a surge in assets under management that lifted advisory fees.
"With the recent volatility and broadening of markets, our active management approach positions us to take advantage of the opportunities this climate brings," said CEO Rob Sharps.
Here are some details:
o The Baltimore, Maryland-based company's average assets under management, which determine its investment advisory fees, rose by 9.6% to $1.8 trillion in the quarter
o Advisory fees, the primary driver of T. Rowe Price's revenue, rose 5.3% to $1.68 billion for the three months ended March 31
o Net revenue rose to $1.86 billion compared to $1.76 billion a year ago
o Excluding one-time costs, the company earned $2.52 per share for the quarter ended March 31, compared with $2.23 per share a year earlier
(Reporting by Pragyan Kalita in Bengaluru; Editing by Mrigank Dhaniwala)
