BALTIMORE ( TheStreet) -- T. Rowe Price ( TROW) said on Friday that profits rose nearly 59% on higher investment advisory revenues during the second quarter. Net income for the three months ended June 30 rose to $158.5 million, or 59 cents per diluted share, from $100 million, or 38 cents, a year earlier. The company missed analyst estimates by 2 cents. Revenue grew 30.5% to $577.4 million from $442.2 million in the year-ago quarter. Leading the growth was investment advisory fees, which jumped 36.5% to $492 million. Average mutual-fund assets under management were $247.4 billion, an increase of 37.8% from the $179.6 billion average for the comparable 2009 quarter. Assets under management were $391.1 billion, including $233.5 billion in T. Rowe Price mutual funds distributed in the U.S. and $ 157.6 billion in other managed investment portfolios. Assets under management were slightly lower than the $391.3 billion reported a year ago. While the firm saw net cash inflows from investors of $15.4 billion year-to-date, market depreciation of $15.6 billion kept assets under management in check. Cost savings also helped drive profits with, operating expenses increasing only 12% during the quarter. --Reported by Shanthi Venkataraman in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.