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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.
T. Rowe Price has introduced an innovative, patent-pending five-dimensional framework to help defined contribution (DC) plan sponsors evaluate and choose retirement income solutions. This framework, developed in collaboration between T. Rowe Price’s global retirement strategy team and global multi-asset research team, addresses the industry’s need for a common, unbiased evaluation method.
The five dimensions considered are: longevity risk hedge, level of payments, volatility of payments, liquidity of balance, and unexpected balance depletion. These metrics help plan sponsors understand the tradeoffs across various retirement income products and how they align with the unique needs of plan participants.
The framework aims to standardize the process of evaluating retirement income solutions, facilitating better decision-making for DC plan sponsors, advisors, and consultants.
T. Rowe Price Group (NASDAQ: TROW) reported preliminary month-end assets under management (AUM) of $1.54 trillion as of May 31, 2024.
The firm experienced net inflows of $6.7 billion in May, driven by a significant institutional fixed income inflow.
Assets by class at the end of May were as follows: $790 billion in equity, $180 billion in fixed income (including money market), $524 billion in multi-asset, and $48 billion in alternatives.
The target date retirement portfolios reached $447 billion in AUM. These figures are preliminary and subject to adjustment.
On June 11, 2024, Oak Hill Advisors (OHA) announced its role as the Administrative Agent and Lead Left Arranger in a unitranche facility assisting National Carwash Solutions (NCS), a Berkshire Partners portfolio company, in refinancing over one billion dollars of existing debt. The financing package includes a term loan, delayed draw term loan, and revolver, with OHA contributing half the amount. OHA's involvement, rooted in its extensive industry experience since 2019 and prior investment in NCS in 2021, underscores its confidence in NCS's market position and growth potential. The strategic refinancing aims to bolster NCS's financial health and support its continued growth trajectory.
The Baltimore Orioles and T. Rowe Price have announced a significant sponsorship deal, making T. Rowe Price the exclusive investment and wealth management sponsor of the team. This partnership features a T. Rowe Price-branded uniform patch on the Orioles' jerseys starting June 11, 2024. This deal aligns with new Orioles ownership, led by David M. Rubenstein and Charm City Sports Partners, and a global initiative by T. Rowe Price to enhance brand awareness.
The agreement includes ballpark signage, media, and hospitality assets, in-game activations, community programs, and a presence at the Orioles' spring training facility in Sarasota, Florida. This collaboration aims to strengthen ties between two Baltimore institutions and promote community investment. T. Rowe Price will also open new corporate headquarters at Harbor Point in late 2024.
The Orioles, entering their 70th year in Baltimore, recently won their 10th American League East Division Championship in 2023.
T. Rowe Price celebrates Pride Month by highlighting the impact of its PRIDE @ T. Rowe Price business resource group (BRG). The BRG aims to foster an inclusive and supportive workplace for LGBTQ+ individuals and allies. Key associates shared their experiences and the importance of visibility, acceptance, and community within the organization.
Sean Flaherty emphasized creating a welcoming environment for new hires, while Jennifer Fox highlighted the sense of belonging the BRG provides. Yoko Matsumoto discussed the importance of equal opportunity and visibility. Diana Panunzio, the Chair of PRIDE @ T. Rowe Price, focused on fostering empathy and inclusion. Essi Sadeghi reflected on the safe space and advocacy offered by the BRG. Overall, the company aims to weave diversity, equity, and inclusion into its culture.
T. Rowe Price launched the second season of its podcast series, 'The Angle,' titled 'Revolution to Reality – Exploring the Power of Artificial Intelligence,' on May 29, 2024. The series will run for six weeks, with new episodes released weekly, delving into the rise of generative AI and its impact on various sectors. Hosted by Jennifer Martin, a portfolio specialist, the podcast features discussions with investment and technology experts on topics like AI's transformative power, its role in investment research, and its effects on the global economy. Episodes are available on multiple platforms including Spotify and Apple Podcasts.
The T. Rowe Price Foundation has committed $550K in grants to support nonprofits in Colorado Springs. This funding will be distributed among local organizations focusing on food and housing insecurity, behavioral health and youth suicide, and education. These grants will support various programs, including Food to Power's efforts to reduce food waste and increase food access, Children's Hospital Colorado's youth suicide prevention initiatives, the Colorado Springs Pioneers Museum's historical and social justice programs, and the University of Colorado, Colorado Springs' Career and Innovation Center. This initiative reflects T. Rowe Price's dedication to empowering communities and supporting local nonprofit work in areas where their associates live and work.
T. Rowe Price has announced a partnership with Ascensus to enhance the experience for 529 plan account owners. T. Rowe Price will remain the investment and program manager for its state-sponsored 529 plans, while Ascensus, with its extensive servicing technology and expertise, will handle recordkeeping and account servicing. This collaboration aims to offer account owners an improved online and mobile platform, an enhanced gifting platform, and seamless electronic payments to over 800 educational institutions. The partnership leverages Ascensus' track record in 529 administration, which supports 6.5 million savers with over $200 billion in assets. T. Rowe Price manages education savings for over 675,000 account owners.
T. Rowe Price has released its 2023 Community Snapshot, highlighting the firm's dedication to community support both locally in Baltimore and globally, including regions like Colorado, New York, the UK, and Asia Pacific. The report showcases the firm's extensive involvement in community service, emphasizing their strategic partnerships and volunteer initiatives.
Key figures from the snapshot include $22.1 million in total firm giving, reaching 15.5 million people through financial education programs, and a cumulative $182.3 million given by the T. Rowe Price Foundation since 1981. Additionally, over 32,000 volunteer hours were contributed by more than 1,700 associates, and 440 nonprofits have benefited from associates serving on their boards.
The firm's efforts underscore its commitment to creating equitable solutions and strengthening communities through long-term community investments and corporate responsibility initiatives.
T. Rowe Price Group, Inc. reported preliminary month-end assets under management of $1.48 trillion as of April 30, 2024, with net outflows of $7.8 billion. The firm's assets under management decreased from the prior quarter, with equity, fixed income, multi-asset, and alternatives categories outlined. Target date retirement products also showed a decrease in assets.
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