T. Rowe Price Group, Inc. is a financial services holding company that offers global investment management services through its subsidiaries to a wide array of clients, including individuals, advisors, institutions, and retirement plan sponsors . The company primarily generates revenue and net income from investment advisory services across various investment solutions, such as equity, fixed income, multi-asset, and alternative capabilities . These services are delivered through multiple vehicles, including U.S. mutual funds, subadvised funds, separately managed accounts, collective investment trusts, and other products like open-ended investment products outside the U.S., variable annuity life insurance plans, affiliated private investment funds, and collateralized loan obligations . T. Rowe Price also provides related administrative services, including distribution, mutual fund transfer agent, accounting, shareholder services, participant recordkeeping, and transfer agent services for defined contribution retirement plans, as well as brokerage and trust services . A significant portion of the company's assets under management is retirement-related, highlighting the importance of this segment to their business .
- Investment Advisory Services - Offers investment management across equity, fixed income, multi-asset, and alternative capabilities, primarily through U.S. mutual funds, subadvised funds, separately managed accounts, and collective investment trusts.
- Retirement Services - Focuses on managing retirement-related assets, which constitute over two-thirds of the company's assets under management, underscoring its critical role in the business.
- Administrative Services - Provides distribution, mutual fund transfer agent, accounting, shareholder services, participant recordkeeping, and transfer agent services for defined contribution retirement plans.
- Brokerage and Trust Services - Delivers brokerage and trust services to support the company's investment management offerings.
- International Investment Products - Includes open-ended investment products outside the U.S., variable annuity life insurance plans, affiliated private investment funds, and collateralized loan obligations.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Glenn R. August ExecutiveBoard | CEO of Oak Hill Advisors (OHA) | None | CEO of OHA since 2021. Became a Director and Vice President at TROW in 2021. Co-founded OHA's predecessor firm in 1987. | |
Robert W. Sharps ExecutiveBoard | CEO and President | Board member of the Baltimore Curriculum Project | Joined TROW in 1997 as an analyst. Held roles such as CIO and Head of Investments before becoming CEO in 2022. Earned a CFA designation and an MBA from Wharton. | |
Arif Husain Executive | Head of Global Fixed Income and CIO | None | Joined TROW in 2013. Previously Head of International Fixed Income. Became Head of Global Fixed Income in 2024. | |
David Oestreicher Executive | General Counsel and Corporate Secretary | None | Joined TROW in 2001. Became General Counsel in 2020 and Corporate Secretary in 2012. | |
Dorothy C. Sawyer Executive | Head of Global Distribution | None | Joined TROW in 2012. Held roles such as Head of U.S. Intermediaries before becoming Head of Global Distribution in 2024. | |
Eric L. Veiel Executive | Head of Global Investments and CIO | None | Joined TROW in 2006. Held roles such as Head of Global Equity before becoming Head of Global Investments in 2024. | |
Jennifer B. Dardis Executive | CFO and Treasurer | None | Joined TROW in 2010. Previously Head of Corporate Strategy and Finance. Became CFO in 2021. | |
Jessica M. Hiebler Executive | Principal Accounting Officer and Controller | None | Joined TROW in 2009. Became Principal Accounting Officer in 2010 and Controller in 2020. | |
Josh Nelson Executive | Head of Global Equity | None | Joined TROW in 2007. Held roles such as Head of U.S. Equity before becoming Head of Global Equity in 2025. | |
Kimberly H. Johnson Executive | Chief Operating Officer (COO) | None | Joined TROW in 2022. Previously COO and CRO at Fannie Mae. Expertise in operations and risk management. | |
Sebastien Page Executive | Head of Global Multi-Asset and CIO | None | Joined TROW in 2015. Became Head of Global Multi-Asset in 2015 and CIO in 2022. | |
Stephon A. Jackson Executive | Head of T. Rowe Price Investment Mgmt. | None | Joined TROW in 2007. Held roles such as Associate Head of U.S. Equity before becoming Head of Investment Management in 2020. | |
Cynthia F. Smith Board | Independent Director | Versant Health, MetLife Legal Plans | Independent director since 2023. Senior VP at MetLife. Expertise in financial management and client experience. | |
Dina Dublon Board | Independent Director | PepsiCo, Motive Capital Corp. II, Ernst & Young USA, Jacob's Pillow Dance Foundation | Independent director since 2019. Former CFO of JPMorgan Chase. Expertise in corporate governance and finance. | |
Eileen P. Rominger Board | Independent Director | Jacob's Pillow Dance Foundation | Independent director since 2021. Former Global CIO at Goldman Sachs Asset Management and Director of Investment Management at the SEC. | |
Mark S. Bartlett Board | Independent Director | WillScot Mobile Mini Holdings, FTI Consulting, Zurn Elkay Water Solutions | Independent director since 2013. Former managing partner at Ernst & Young. Expertise in financial services and accounting. | |
Robert F. MacLellan Board | Independent Director | Northleaf Capital Partners, Magna International | Independent director since 2010. Former CIO of TD Bank Financial Group. Expertise in investment management. | |
Robert J. Stevens Board | Independent Director | Marine Corps Scholarship Foundation, Council on Foreign Relations | Independent director since 2019. Former CEO of Lockheed Martin. Expertise in strategic leadership and international operations. | |
Sandra S. Wijnberg Board | Independent Director | ADP, Cognizant Technology Solutions, Hippo Holdings | Independent director since 2016. Former CFO of Marsh & McLennan. Expertise in corporate governance and finance. | |
William P. Donnelly Board | Independent Director | Ingersoll Rand, Quanterix Corporation | Independent director since 2023. Former CFO of Mettler-Toledo. Expertise in corporate finance and operations. |
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With the anticipated increase in net outflows during the fourth quarter due to both seasonal trends and a large sub-advised variable annuity termination, how does T. Rowe Price plan to mitigate the impact on overall net flows and what strategies are in place to prevent such significant terminations in the future?
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Given the softness in your investment performance this quarter, particularly in the one-year metrics where aggregate statistics are not where you want them, what specific actions are you taking to address underperformance in key strategies, and how confident are you in your approach to improve performance without drastic measures?
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As you expand your ETF franchise and acknowledge some cannibalization of existing mutual fund assets, can you elaborate on how you're balancing this risk and whether the cost of distribution for ETFs differs in a way that could impact your margins compared to traditional funds?
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With the launch of Managed Lifetime Income and Personalized Retirement Manager, both of which may introduce additional costs for plan participants, how do you intend to overcome the fee sensitivity of plan sponsors and demonstrate the value of these products despite the added expenses associated with insurance guarantees and customized managed accounts?
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Considering the regulatory uncertainties and infrastructural challenges surrounding the inclusion of private market allocations in target date funds and retirement plans, what concrete steps are you taking to position T. Rowe Price ahead of competitors once these hurdles are cleared, and how do you plan to leverage your existing capabilities in private markets through OHA to capitalize on this potential opportunity?
Research analysts who have asked questions during PRICE T ROWE GROUP earnings calls.
Alexander Blostein
Goldman Sachs
3 questions for TROW
Benjamin Budish
Barclays PLC
3 questions for TROW
Craig Siegenthaler
Bank of America
3 questions for TROW
Daniel Fannon
Jefferies Financial Group Inc.
3 questions for TROW
Glenn Schorr
Evercore ISI
3 questions for TROW
Kenneth Worthington
JPMorgan Chase & Co.
3 questions for TROW
Michael Cyprys
Morgan Stanley
3 questions for TROW
Patrick Davitt
Autonomous Research
3 questions for TROW
Brennan Hawken
UBS Group AG
2 questions for TROW
Michael Brown
Wells Fargo Securities
2 questions for TROW
Alex Blostein
Goldman Sachs
1 question for TROW
Ben Budish
Barclays PLC
1 question for TROW
Bill Katz
TD Securities
1 question for TROW
Brian Bedell
Deutsche Bank
1 question for TROW
Dan Fannon
Jefferies & Company Inc.
1 question for TROW
Ivory Gao
Bank of America Securities
1 question for TROW
Ken Worthington
JPMorgan Chase & Co.
1 question for TROW
William Katz
TD Cowen
1 question for TROW
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Retiree, Inc. | 2023 | T. Rowe Price completed the acquisition of Retiree, Inc. on April 20, 2023, adding fintech retirement income planning software that enhances its capabilities across retail direct, defined contribution, and wealth management channels; the deal’s specific financial details were not disclosed because they were not considered material. |
Oak Hill Advisors, L.P. | 2021 | T. Rowe Price acquired 100% of Oak Hill Advisors, L.P. for up to $4.2 billion (with $3.3 billion paid at closing in a mix of approximately 74% cash and 26% T. Rowe Price common stock, plus up to $900 million contingent earnout) to expand its alternative credit and private markets platform while allowing Oak Hill to operate as a standalone business with its leadership remaining in place. |
Recent press releases and 8-K filings for TROW.
- Kimberly Johnson, T. Rowe Price’s COO since 2022, will resign effective December 31, 2025.
- The firm is creating a Technology, Data, and Operations function, to be led by Ramon Richards, CTO since 2023, who will join the Management Committee and report to CEO Rob Sharps.
- T. Rowe Price manages $1.77 trillion in client assets as of September 30, 2025, about two-thirds of which are retirement-related.
- Kimberly Johnson, who has served as Chief Operating Officer since 2022, will leave the firm in December after leading major technology and operational transformations.
- The firm is launching a Technology, Data, and Operations function to integrate digital capabilities with operational excellence and adapt to industry dynamics.
- Ramon Richards, T. Rowe Price’s Chief Technology Officer since 2023, will head the new function, oversee enterprise operations, digital platforms, and data strategy, and join the Management Committee reporting to CEO Rob Sharps.
- Adjusted diluted EPS of $2.81, total adjusted revenues of $1.9 B, assets under management of $1.77 T, and net outflows of $7.9 B in Q3 2025.
- Announced strategic collaboration with Goldman Sachs to launch co-branded target date funds, model portfolios, multi-asset public-private strategies, and managed accounts between late 2025 and mid-2026.
- Implemented expense management program: headcount down 4% since December 31, 2024; 2025 adjusted operating expenses expected to grow 2–4%; Q4 non-recurring real estate charge of $100 M; controllable expenses targeted to grow in low single digits in 2026–2027.
- Maintained strong liquidity with $4.3 B in cash and discretionary investments; repurchased $158 M of shares in Q3, bringing year-to-date buybacks to over $525 M.
- Assets under management reached a record $1.77 trillion as of September 30, 2025, with 64%, 57%, and 78% of assets beating Morningstar peers over 3-, 5-, and 10-year periods, and 53% on a 1-year basis.
- Announced a strategic collaboration with Goldman Sachs to launch co-branded target date funds, model portfolios, multi-asset public-private solutions, and personalized managed accounts, with initial rollouts slated for late 2025 and mid-2026.
- Adjusted diluted EPS of $2.81, total revenues of $1.9 billion, and net outflows of $7.9 billion in Q3; investment advisory fees rose over 4% year-over-year, and the effective fee rate was 39.1 bps.
- Share buybacks totaled $158 million in Q3, boosting year-to-date repurchases to over $525 million, while headcount was trimmed 4% to support a cost-management program targeting 2%–4% expense growth in 2025.
- AUM reached $1.77 trillion as of September 30, marking an end-of-period high amid strong equity markets.
- Adjusted diluted EPS was $2.81 and total adjusted revenues were $1.9 billion (up 6% YoY, 10% QoQ); investment advisory fees rose to $1.7 billion and the effective fee rate was 39.1 bps.
- Quarterly net outflows of $7.9 billion were partially offset by $2.6 billion in target date inflows, $2 billion in ETF inflows and $6 billion of private credit commitments by OHA.
- Adjusted operating expenses totaled $1.1 billion (up 3% YoY, down 1.1% QoQ); 2025 expense growth is expected to be 2–4%, with headcount down 4% from year-end.
- Entered a strategic collaboration with Goldman Sachs to launch co-branded retirement and wealth solutions (model portfolios late 2025, other products through 2026) and grew ETF AUM to $19 billion.
- T. Rowe Price reported net revenues of $1.89 B and diluted EPS of $2.87 in Q3 2025.
- Assets under management rose to $1.77 T, despite net outflows of $7.9 B for the quarter.
- Operating income reached $643.2 M, representing a 34.0% operating margin in Q3 2025.
- The board declared a dividend of $1.27 per share for the quarter.
- Quarter-end AUM reached $1.77 trillion, with net client outflows of $7.9 billion.
- Net revenues of $1.893 billion, up 6.0% year-over-year; investment advisory fees of $1.699 billion.
- Diluted EPS of $2.87, up 8.7%, and adjusted diluted EPS of $2.81, up 9.3%.
- $442 million returned to shareholders via the quarterly dividend and share repurchases.
- T. Rowe Price Group, Inc. announced its third quarter 2025 financial results; the full earnings release is available on the firm's website.
- Chair and CEO Rob Sharps and CFO Jen Dardis will host a webcast today (Oct. 31) from 8:00–8:45 AM ET to discuss performance, review results, and field questions.
- The firm reported $1.77 trillion in client assets under management as of September 30, 2025, with approximately two-thirds in retirement-related accounts.
- T. Rowe Price’s AUM reached $1.77 trillion as of September 30, 2025, up from $1.73 trillion at August 31, 2025.
- September net outflows were $2.0 billion, and Q3 2025 net outflows totaled $7.9 billion, including $0.8 billion of manager-driven distributions.
- As of quarter-end, AUM by asset class included Equity $885 billion, Fixed Income (incl. money market) $208 billion, Multi-asset $618 billion, and Alternatives $56 billion.
- Target date retirement portfolios stood at $553 billion, up from $538 billion in August 2025 and $476 billion at December 31, 2024.
- Oak Hill Advisors served as Administrative Agent and Lead Left Arranger on a private unitranche financing to support Francisco Partners’ acquisition of Elite, and is the largest holder of the facility.
- Elite is a leading provider of mission-critical ERP software and integrated payment solutions for law firms globally.
- Oak Hill Advisors manages approximately $98 billion of capital across credit strategies as of June 30, 2025, and leverages decades of ERP software investment experience.
- Francisco Partners is a global technology-focused investment firm with over 25 years of experience, having invested in more than 450 companies and raised over $50 billion in capital.