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    Ivory Gao

    Research Analyst at Bank of America Securities

    Ivory Gao is an Equity Research Analyst at Bank of America Securities based in New York, specializing in financial services coverage with a focus on major firms such as T. Rowe Price Group. Gao has contributed to earnings calls and research for large financial companies and has been recognized for her research role and performance at Bank of America Securities. Her career began with internships and assistantships at the University of Pennsylvania, including positions as a summer analyst and research assistant, prior to joining Bank of America in 2024. Gao is registered with FINRA through BOFA Securities and holds relevant securities licenses for research analysis.

    Ivory Gao's questions to PRICE T ROWE GROUP (TROW) leadership

    Ivory Gao's questions to PRICE T ROWE GROUP (TROW) leadership • Q2 2025

    Question

    Ivory Gao, on behalf of Craig Siegenthaler from Bank of America Securities, questioned the source of T. Rowe Price's strong ETF growth, asking if it was primarily cannibalizing existing mutual funds or attracting new clients from channels like RIAs.

    Answer

    CFO Jennifer Dardis said it's a combination of both, noting industry data suggests about 25% is recaptured assets, but it's hard to track directly. Head of Global Investments & CIO Eric Veiel announced the filing of eight new ETFs, including lower-priced core equity products aimed at incremental new business. President, CEO & Chair Robert Sharps added that much of the growth appears to be new business, as ETFs are gaining placement on platforms where their mutual funds are not available, reaching new RIA and broker-dealer clients.

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