T. ROWE PRICE COMPLETES ACQUISITION OF RETIREE, INC.

Rhea-AI Summary

T. Rowe Price has completed the acquisition of Retiree, Inc., a fintech company specializing in innovative retirement income planning software. This strategic move aims to enhance T. Rowe Price’s retirement income capabilities and offer improved solutions for clients. The acquisition was announced on April 20, 2023, and is expected to allow T. Rowe Price to combine its strengths in retirement planning with the technology and expertise from Retiree, Inc.

According to Phil Korenman, head of Individual Investors, this deal positions the firm to deliver better retirement outcomes for clients. William Meyer, founder of Retiree, Inc., expressed excitement about the resources T. Rowe Price will provide to financial advisors. Financial terms of the acquisition remain undisclosed.

Positive

• Acquisition of Retiree, Inc. aims to enhance retirement income capabilities.
• Combining strengths could lead to improved client solutions and outcomes.
• Access to innovative retirement planning tools for clients.

Negative

• None.

Completed Deal Expands Firms' Retirement Income Capabilities

BALTIMORE, April 20, 2023 /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, today announced it has completed the acquisition of Retiree, Inc., a fintech firm that offers innovative retirement income planning software.

"We are thrilled to have completed this acquisition and look forward to welcoming the Retiree, Inc. associates and clients to T. Rowe Price. Combining our strengths in retirement will allow us to bring new solutions to clients to deliver improved retirement outcomes," said Phil Korenman, head of Individual Investors at T. Rowe Price.

William Meyer, Founder and CEO of Retiree, Inc. said, "I believe this acquisition will provide clients with access to tools and expertise that will help build more confidence in their retirement planning," Mr. Meyer continued, "We are excited that T. Rowe Price is committed to support financial advisors and intermediaries with resources to help their clients as they enter into retirement."

With the closing of the transaction, Retiree Inc. associates will join T. Rowe Price, and William Meyer will report to Phil Korenman. Other terms of the deal have not been disclosed.   

For additional information on the acquisition, please read the announcement news release here. 

ABOUT T. ROWE PRICE

Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages USD$1.34 trillion in assets under management as of March 31, 2023, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, Twitter, YouTube, and troweprice.com/newsroom.

View original content:https://www.prnewswire.com/news-releases/t-rowe-price-completes-acquisition-of-retiree-inc-301803070.html

SOURCE T. Rowe Price Group, Inc.

FAQ

What are the details of T. Rowe Price's acquisition of Retiree, Inc.?

T. Rowe Price announced on April 20, 2023, the acquisition of Retiree, Inc., a fintech firm specializing in retirement income planning software, to enhance its retirement income capabilities.

How will the acquisition impact T. Rowe Price clients?

The acquisition is expected to provide T. Rowe Price clients with improved solutions and access to innovative planning tools designed to enhance retirement outcomes.

Who will lead Retiree, Inc. after the acquisition by T. Rowe Price?

William Meyer, the founder of Retiree, Inc., will report to Phil Korenman, head of Individual Investors at T. Rowe Price, following the acquisition.

What is the strategic importance of the Retiree, Inc. acquisition for T. Rowe Price?

The acquisition strategically positions T. Rowe Price to leverage Retiree, Inc.'s technology and expertise to strengthen its offerings in retirement planning.

When was the acquisition of Retiree, Inc. completed by T. Rowe Price?

The acquisition was completed and announced on April 20, 2023.