T. Rowe reports 17 percent annual income growth

T. Rowe Price Group reported fourth-quarter net income of $315.9 million, or $1.18 per diluted share, nearly a 10 percent increase over the prior year period.

Assets under management at the end of 2014 were $746.8 billion, an increase of $15.6 billion from the end of September, the Baltimore-based investment manager announced Wednesday. Despite net cash outflows of $5.1 billion, market appreciation and income generated $20.7 billion.

For the year as a whole, net income totaled $1.2 billion, with diluted earnings per share of $4.55. That’s a 17 percent increase compared to the $3.90 per share earned in 2013.