Company: TROW
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001113169-25-000007
Chunk: 103

Company: PRICE T ROWE GROUP INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 103
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 compensation$4,456.3 $4,190.7 $4,070.2 $265.6 6.3 %$120.5 3.0 %Net operating income$2,685.9 $2,263.2 $2,500.5 $422.7 18.7 %$(237.3)(9.5)%Non-operating income (loss)$148.7 $140.8 $(24.4)$7.9 5.6 %$165.2 n/mNet income to T. Rowe Price Group$2,139.5 $1,750.1 $1,864.8 $389.4 22.3 %$(114.7)(6.2)%Diluted earnings per common share$9.33 $7.59 $8.02 $1.74 22.9 %$(0.43)(5.4)%Assets under management (AUM) (in billions)Average AUM$1,561.9 $1,362.3 $1,398.4 $199.6 14.7 %$(36.1)(2.6)%Ending AUM$1,606.6 $1,444.5 $1,274.7 $162.1 11.2 %$169.8 13.3 %Investment advisory annualized effective fee rate (EFR) (in bps)EFR without performance-based fees41.041.942.6(0.9)(2.1)%(0.7)(1.6)%EFR with performance-based fees41.442.242.7(0.8)(1.9)%(0.5)(1.2)%

(1) The percentage change is not meaningful (n/m).

(2) Performance-based advisory fees were previously included in investment advisory fees. Prior periods were recast to reflect this change.

(3) Capital allocation-based income represents the change in accrued carried interest. 

(4) See the reconciliation to the comparable U.S. GAAP measures at the end of the Results of Operations section of this Management's Discussion and Analysis. 

Results Overview - 2024 compared to 2023

Investment advisory fees are earned based on the value and composition of our assets under management, which change based on fluctuations in financial markets,