Money manager T. Rowe Price ( TROW) reported a 41% higher third-quarter profit due to soaring investment advisory revenue. Baltimore-based T. Rowe reported third-quarter net income of $116.3 million, or 85 cents a share, up from $82.5 million, or 62 cents a share, a year earlier. The earnings beat analysts' average estimate by 3 cents a share, according to Thomson First Call. Revenue for the quarter rose to $388.7 million from $316.2 million last year. Assets under management were a record $257.6 billion at Sept. 30, an increase of $12.8 billion from June 30 and $22.4 billion from the end of 2004. Average assets under management rose to $254.1 billion from $204.5 billion in last year's third quarter, the company said. T. Rowe's investment advisory fees rose to $320 million during the quarter, up 26% from $254.7 million in the year-ago period. Administrative fees and other income rose to $68.6 million from last year's $61.4 million. "The firm's investment advisory results relative to our peers remain strong, with at least 78% of the T. Rowe Price funds across their share classes surpassing their respective Lipper averages on a total return basis for the three-and five-year periods ended Sept. 30, and more than 67% outperforming the average for the one-and 10-year periods," Chairman and President George A. Roche said in a statement. T. Rowe shares recently changed hands in early trading at $64.71, down 3 cents.