(Bloomberg) -- T. Rowe Price Group Inc., the asset manager that has posted a profit every quarter since going public in 1986, said fourth-quarter earnings rose 23 percent as stock markets gained boosted assets and the fees they generate.

Net income increased to $229.9 million, or 88 cents a share, from $187.5 million, or 73 cents, a year earlier, the Baltimore-based company said today in a statement. Analysts had expected a profit of 89 cents a share, according to the average of 13 estimates in a Bloomberg survey.

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