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T. Rowe Price Group Inc (NASDAQ: TROW) is an independent investment management firm headquartered in Baltimore, Maryland. Founded in 1937, T. Rowe Price is dedicated to helping investors achieve their long-term financial goals. The firm offers a wide array of services including mutual funds, subadvisory services, separate account management, and other related services for individuals, institutions, retirement plan sponsors, and financial intermediaries.
Investment Products and Services: T. Rowe Price provides a broad range of no-load U.S. and international stock, hybrid, bond, and money market funds. As of April 2024, the firm manages $1.485 trillion in assets, comprising equity (51%), balanced (34%), fixed-income and money market (12%), and alternative (3%) offerings. Approximately two-thirds of its managed assets are held in retirement-based accounts, providing a stable client base, especially compared to peers.
Recent Initiatives and Achievements: The firm has been actively involved in various socio-cultural initiatives, as evidenced by its recognition of U.S. Black History Month and International Women's Day. Through its philanthropic arm, the T. Rowe Price Foundation, the company supports various community organizations, allocating over $400,000 to arts and cultural programs since 2018.
Financial Performance: In the latest quarter, T. Rowe Price reported robust financial results with assets under management reaching $1.542 trillion as of March 31, 2024. The company's diverse portfolio includes both first and second lien senior secured loans, with a strong focus on mitigating downside risks.
Global Reach: While primarily a U.S.-based asset manager, T. Rowe Price has a significant global presence, with just under 9% of its AUM derived from overseas. This international reach is further enhanced by its strategic partnerships and comprehensive investment strategies.
Key Partnerships: Recently, T. Rowe Price announced a marquee partnership with the Baltimore Orioles, becoming the exclusive investment and wealth management sponsor of the baseball club. This collaboration aims to elevate T. Rowe Price's brand visibility and engagement at both local and global levels.
Commitment to Diversity and Inclusion: The firm is committed to fostering diversity, equity, and inclusion within its operations and the broader community. This commitment is reflected in its supplier diversity programs and various community-driven initiatives, including significant contributions to women-owned businesses.
Additional Information: For more detailed information, visit the official T. Rowe Price website.
Oak Hill Advisors (OHA) has acted as the Lead Left Arranger for a private unitranche facility supporting Onex's acquisition of Farsound Aviation . Farsound is a leading global supply chain solutions provider for the aerospace engine maintenance, repair and overhaul (MRO) market.
OHA's extensive knowledge of the aerospace sector and previous investment experience in the industry were key factors in structuring this LBO financing solution. Alexis Atteslis, Co-Head of Europe and Partner at OHA, expressed confidence in Farsound's growth potential, citing its best-in-class management team and unique business model, coupled with Onex's industry expertise.
This transaction marks a continuation of OHA's growth in the European private credit business, demonstrating its ability to lead transactions and provide flexible, tailored capital solutions.
T. Rowe Price's recent survey reveals that 51% of American sports fans are more likely to know their favorite team's record than their retirement savings. The survey, conducted by Wakefield Research, sampled 1,000 adults aged 18 and older. Key findings include:
- 64% of Americans believe they started thinking about retirement later than they should have
- Nearly 2 in 5 employed Americans feel behind on their retirement goals
- 13% of employed Americans haven't started planning for retirement
On a positive note, 37% of respondents feel that saving a set amount monthly would increase their retirement security. The survey coincides with National Retirement Security Week and the MLB playoffs, following T. Rowe Price's partnership with The Baltimore Orioles as their exclusive investment and wealth management sponsor.
T. Rowe Price has announced the appointment of Ben Riley, CFA®, to the newly created role of Head of Insurance, effective January 1, 2025. Riley will oversee a team responsible for insurance clients in North America and coordinate T. Rowe Price's global insurance efforts. He will report to Doug Greenstein, Head of Institutional Business Development for Americas.
Riley has been with T. Rowe Price since 2001 and joined the Americas Institutional Client Service team in 2007. In 2017, he became the firm's first senior relationship manager dedicated to insurance general account mandates. Under his leadership, T. Rowe Price's insurance business has experienced strong growth across multiple asset classes.
The appointment aims to drive growth and better serve clients with enhanced focus and expertise in the insurance sector. Riley highlighted T. Rowe Price's strengths in providing customized fixed income solutions and fundamental credit research, which are critical for insurance mandates.
T. Rowe Price has launched Managed Lifetime Income (MLI), a new retirement solution for defined contribution plans. MLI combines a managed payout investment from T. Rowe Price with a Qualifying Longevity Annuity Contract (QLAC) from Pacific Life to provide retirees with stable and predictable monthly income for life.
The solution offers payments from the managed payout investment for the first 15 years of retirement, followed by guaranteed QLAC payments for the participant's lifetime. MLI is integrated within T. Rowe Price's participant experience, including access to a retirement income estimator. This launch expands T. Rowe Price's retirement income solutions, giving clients the ability to choose between products with or without guaranteed income.
T. Rowe Price Group (NASDAQ-GS: TROW) reported preliminary month-end assets under management of $1.63 trillion as of September 30, 2024. The company experienced preliminary net outflows of $4.9 billion for September 2024 and $12.2 billion for the quarter-ended September 30, 2024. Quarterly net flows include $0.8 billion of Manager-driven distributions.
The firm's assets under management breakdown as of September 30, 2024:
- Equity: $832 billion
- Fixed income, including money market: $186 billion
- Multi-asset: $561 billion
- Alternatives: $52 billion
- Target date retirement portfolios: $482 billion
T. Rowe Price will release Q3 2024 earnings on November 1, 2024, at 7:00 AM ET, followed by an earnings call from 8:00 - 8:45 AM ET.
T. Rowe Price has released financial planning tips for retirement savers at every stage of their journey. The global investment management firm emphasizes the importance of retirement planning and its impact on financial confidence. According to a recent T. Rowe Price survey, pre-retirees with a formal, written financial plan are over 60% more confident about their retirement outlook compared to those without one.
Key insights include:
- The growing FIRE (Financial Independence, Retire Early) movement among millennials and Generation X
- The usefulness of Monte Carlo analysis for those approaching retirement
- The benefits of delaying Social Security claims until age 70
T. Rowe Price has also released a special edition of its podcast, 'CONFIDENT CONVERSATIONS® on Retirement,' and plans to launch its fourth season next month.
T. Rowe Price has published a new white paper revealing how combining an annuity with a drawdown strategy can balance retirement income and liquidity. The paper suggests that this approach can provide a high level of retirement income while maintaining adequate liquidity for retirees.
Key insights include:
- A growing trend of defined contribution participants staying in-plan upon retirement
- More plan sponsors exploring in-plan retirement income solutions
- Pairing drawdown strategies with annuities may better match retirees' needs for income and fund access
- The importance of due diligence for plan sponsors in insurer selection and product evaluation
T. Rowe Price aims to empower plan sponsors and advisors with research and knowledge to make impactful decisions for retirement savers at every stage.
Oak Hill Advisors (OHA) has led a comprehensive debt refinancing for Alkegen, a global specialty materials platform. OHA served as the lead lender and Lead Left Arranger, providing the largest portion of the new senior facility. The refinancing includes:
- A new $1,925 million first lien term loan and notes facilities
- A new $200 million first-out revolving credit facility
The proceeds will be used to refinance existing first lien term loans, pay down revolver borrowings, extend maturities, and provide liquidity for Alkegen's growth and operational plans. Additionally, most existing holders of Alkegen's secured and unsecured notes due 2028 and 2029 exchanged their notes for new second lien notes due 2029. Alkegen is also offering to exchange remaining notes for new second lien notes.
T. Rowe Price has announced the formation of the T. Rowe Price Investment Institute, set to launch on January 1, 2025. The Institute will focus on enhancing investment talent development and strengthening the delivery of proprietary investment insights to clients. Justin Thomson, a 26-year company veteran and current head of International Equity and chief investment officer, will lead the initiative.
The Institute aims to establish a center of excellence for developing differentiated investment thought leadership and internal talent. It will curate insights from T. Rowe Price's research organization, develop educational content, and engage with experts in business, academia, and other institutions on topics such as portfolio construction, behavioral finance, and geopolitics.
Thomson, based in London, brings over 33 years of investment experience to the role. The Institute is positioned as an important educational resource for investment professionals and clients, addressing the increasing risks in today's markets and the need for timely, actionable insights.
T. Rowe Price is launching the third season of its investment-themed podcast series, 'The Angle', focusing on the upcoming U.S. presidential election. The new season, titled 'Inside the U.S. Election Maze: Unraveling Fiscal, Trade, and Energy Plans', debuts on September 25th with weekly episodes through October 9th. Hosted by Ritu Vohora, a global capital markets investment specialist, the series will feature discussions with experts on critical policy issues like the economy, trade, and energy transition. Notable guests include Blerina Uruçi, Gil Fortgang, Chris Kushlis, and Rick de Los Reyes. Episodes will be available on platforms like Spotify and Apple Podcasts. Previous seasons explored topics such as the blue economy and artificial intelligence.
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