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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.
Saba Capital Management has entered into a standstill agreement with The New America High Income Fund (NYSE: HYB). As part of this agreement, the Fund will reorganize with and into the T. Rowe Price High Yield Fund (Nasdaq: PRHYX), pending stockholder approval.
The reorganization aims to eliminate the Fund's trading discount and reduce management fees for stockholders. Additionally, Saba will withdraw its notice to nominate individuals for election at the Fund’s 2024 Annual Meeting of Stockholders.
Paul Kazarian, Partner and Portfolio Manager of Saba, expressed satisfaction with the agreement, noting the potential benefits for stockholders.
T. Rowe Price OHA Select Private Credit Fund (OCREDIT) announced financial results and declared total distributions of $0.84 per share for Q2 2024. Key highlights include:
- Net investment income per share: $0.77
- Earnings per share: $0.68
- Net asset value per share: $27.98 (down 0.6% from Q1)
- Gross investment fundings: $412.6 million
- Net investment fundings: $293.1 million
- Debt-to-equity ratio: 0.74x
The Company's investment portfolio had a fair value of $1,649.7 million, comprised of investments in 100 portfolio companies across 21 industries. The portfolio consisted of 93.2% first lien loans and 6.8% second lien loans, with 99.5% of debt investments at floating rates.
T. Rowe Price Group (NASDAQ-GS: TROW) has announced a quarterly dividend of $1.24 per share. The dividend will be payable on September 27, 2024, to stockholders of record at the close of business on September 13, 2024. This declaration by the Board of Directors demonstrates the company's commitment to returning value to shareholders. T. Rowe Price, a well-known investment management firm, continues its tradition of regular dividend payments, which can be seen as a positive sign for investors looking for steady income from their stock holdings.
T. Rowe Price Group (NASDAQ-GS: TROW) has announced its financial results for the second quarter of 2024. The company will host a webcast on July 26, 2024, from 8:00 - 8:45 AM (Eastern Time) to discuss the results. CEO Rob Sharps, CFO Jen Dardis, and Head of Global Investments Eric Veiel will participate in the call to provide updates on business performance, review financial results, and answer questions.
Investors can access the webcast and dial-in instructions through the company's investor relations website. Supplemental materials will be available shortly before the call, and a replay will be accessible after the event. The full earnings release is available on T. Rowe Price's website at troweprice.com/newsroom.
T. Rowe Price and the International Finance (IFC) have been awarded the 2024 Sustainable Investment Award for ESG Investment Initiative of the Year, Americas by Environmental Finance. This recognition highlights their collaborative effort to enhance access to blue finance projects in emerging markets and improve standards for the blue bond market.
The partnership aims to address the critical underfunding in the blue economy, focusing on ocean conservation, clean water, and sanitation. This initiative is seen as important in tackling the 'polycrisis' of climate change, biodiversity loss, and human health issues.
The award underscores the importance of capital markets, particularly the bond market, in funding these essential areas. It also emphasizes the need for awareness and education in promoting sustainable investing in emerging markets.
Oak Hill Advisors (OHA) and One Investment Management (OneIM) have launched a partnership to invest in European private credit. The venture has up to $5 billion of initial investable capital to address European borrowers' needs. This collaboration leverages OHA's longstanding European presence and global private credit expertise with OneIM's global network and flexibility.
OHA, investing in Europe since 1992, has made over $17 billion of investments in the region. OneIM, founded in 2022, has raised approximately $7 billion in commitments. The partnership aims to provide bespoke financing solutions to European companies and private equity sponsors, capitalizing on the growing demand for private credit in the region.
T. Rowe Price Group reported its preliminary month-end assets under management (AUM) for June 2024, totaling $1.57 trillion. This represents an increase from $1.542 trillion in May 2024 and $1.445 trillion in December 2023. Despite the overall increase in AUM, the firm experienced net outflows of $2.6 billion for June 2024 and $3.7 billion for the quarter ended June 2024, which includes $1.1 billion of Manager-driven distributions. Notably, equity AUM rose to $810 billion from $790 billion in May 2024. The company will release its Q2 2024 earnings on July 26, 2024, with an earnings call scheduled for the same day.
T. Rowe Price (NASDAQ: TROW), a global investment management firm, has launched its first federally tax-free fixed income ETF, the Intermediate Municipal Income ETF (TAXE), now trading on NASDAQ. This ETF targets investment-grade intermediate-term municipal bonds with a maturity of 4 to 12 years and is managed by James Lynch and Charlie Hill, who bring 53 years of combined investment experience. The ETF seeks the highest level of income exempt from federal taxes and has a net expense ratio of 0.24%. This launch expands T. Rowe Price's active ETF lineup to 16, including equity and fixed income ETFs, and underlines the firm's commitment to offering diverse investment vehicles with competitive expense ratios and tax efficiency.
T. Rowe Price, a global investment management firm, has been named to Fortune's World's Most Admired Companies list for the 14th consecutive year and Newsweek's Most Trustworthy Companies in America list for 2024. Fortune's recognition is based on corporate reputation polling and analysis of nearly 600 firms across 28 countries. Newsweek's accolade is derived from surveys of over 25,000 Americans, highlighting trust among customers, investors, and employees. Michelle Swanenburg, T. Rowe Price's head of Human Resources, emphasized the firm's dedication to clients, stakeholders, and communities. She noted that these recognitions affirm the company's long-term commitment to investor confidence and its value as a career destination.
Oak Hill Advisors (OHA) announced its role as Administrative Agent and Lead Left Arranger for a private unitranche facility to support the recapitalization of MedVet, a leading network of specialty and emergency veterinary hospitals in the U.S. OHA was the sole lender, providing a term loan and a delayed draw term loan. OHA's extensive experience in veterinary care investment, with over $1 billion invested in the animal health and pet care sector since 2014, was important in securing this opportunity. MedVet CFO Dain Bussewitz praised OHA's commitment and expertise, which facilitated the streamlined execution of the refinancing and supported MedVet's growth plans.
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