T. Rowe Price Group Inc.’s first-quarter profit rose 26.9 percent in the first quarter while continuing to face competitive challenges from passively managed funds. The Baltimore money manager posted a profit of $385.9 million, or $1.54 per share, for the quarter ending March 31. That compares with a profit of $304.1 million, or $1.18 per share, in the year-ago quarter. On an adjusted basis, which excludes a settlement with Dell last year, T. Rowe reported a $297.2 million profit, or $1.18 per…
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