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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 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.
T. Rowe Price OHA Select Private Credit Fund (OCREDIT) announced financial results with total distributions of $0.87 per share in Q1 2024. The company reported strong interest income and attractive asset yields, growing net asset value per share and successful fundings. OCREDIT launched on a major wirehouse platform and issued new common shares, declaring distributions of $0.23 per share for the quarter.
T. Rowe Price Group, Inc. declared a quarterly dividend of $1.24 per share payable on June 27, 2024. The company's Board of Directors elected all 11 nominees, approved executive compensation, and ratified KPMG LLP as the independent registered public accounting firm for 2024.
As we celebrate Asian American Native Hawaiian Pacific Islander (AANHPI) Heritage Month, T. Rowe Price recognizes the diversity and contributions of the AANHPI community. The theme emphasizes the innovation and leadership of AANHPI members in driving economic prosperity, technological advancements, and social change. Associates share their experiences and insights on advancing leaders through innovation, promoting diversity, and fostering progress.
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