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T. Rowe Price Group, Inc. - TROW STOCK NEWS

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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.

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Oak Hill Advisors (OHA) and One Investment Management (OneIM) have launched a partnership to invest in European private credit. The venture has up to $5 billion of initial investable capital to address European borrowers' needs. This collaboration leverages OHA's longstanding European presence and global private credit expertise with OneIM's global network and flexibility.

OHA, investing in Europe since 1992, has made over $17 billion of investments in the region. OneIM, founded in 2022, has raised approximately $7 billion in commitments. The partnership aims to provide bespoke financing solutions to European companies and private equity sponsors, capitalizing on the growing demand for private credit in the region.

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T. Rowe Price Group reported its preliminary month-end assets under management (AUM) for June 2024, totaling $1.57 trillion. This represents an increase from $1.542 trillion in May 2024 and $1.445 trillion in December 2023. Despite the overall increase in AUM, the firm experienced net outflows of $2.6 billion for June 2024 and $3.7 billion for the quarter ended June 2024, which includes $1.1 billion of Manager-driven distributions. Notably, equity AUM rose to $810 billion from $790 billion in May 2024. The company will release its Q2 2024 earnings on July 26, 2024, with an earnings call scheduled for the same day.

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T. Rowe Price (NASDAQ: TROW), a global investment management firm, has launched its first federally tax-free fixed income ETF, the Intermediate Municipal Income ETF (TAXE), now trading on NASDAQ. This ETF targets investment-grade intermediate-term municipal bonds with a maturity of 4 to 12 years and is managed by James Lynch and Charlie Hill, who bring 53 years of combined investment experience. The ETF seeks the highest level of income exempt from federal taxes and has a net expense ratio of 0.24%. This launch expands T. Rowe Price's active ETF lineup to 16, including equity and fixed income ETFs, and underlines the firm's commitment to offering diverse investment vehicles with competitive expense ratios and tax efficiency.

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T. Rowe Price, a global investment management firm, has been named to Fortune's World's Most Admired Companies list for the 14th consecutive year and Newsweek's Most Trustworthy Companies in America list for 2024. Fortune's recognition is based on corporate reputation polling and analysis of nearly 600 firms across 28 countries. Newsweek's accolade is derived from surveys of over 25,000 Americans, highlighting trust among customers, investors, and employees. Michelle Swanenburg, T. Rowe Price's head of Human Resources, emphasized the firm's dedication to clients, stakeholders, and communities. She noted that these recognitions affirm the company's long-term commitment to investor confidence and its value as a career destination.

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Oak Hill Advisors (OHA) announced its role as Administrative Agent and Lead Left Arranger for a private unitranche facility to support the recapitalization of MedVet, a leading network of specialty and emergency veterinary hospitals in the U.S. OHA was the sole lender, providing a term loan and a delayed draw term loan. OHA's extensive experience in veterinary care investment, with over $1 billion invested in the animal health and pet care sector since 2014, was important in securing this opportunity. MedVet CFO Dain Bussewitz praised OHA's commitment and expertise, which facilitated the streamlined execution of the refinancing and supported MedVet's growth plans.

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T. Rowe Price, a global investment management firm, published its 2023 Sustainability Report, outlining progress on its corporate sustainability strategy. The firm emphasizes its commitment to transparency, aligning with the United Nations Sustainable Development Goals (SDGs). Key initiatives include increasing gender equality, enhancing water and ocean health, reducing inequalities, creating sustainable communities, and climate action. Noteworthy achievements in 2023 include 44% women in the global workforce, 48% environmentally certified real estate, and a 4% reduction in Scope 1 and 2 emissions. The firm is on track to increase women's workforce representation to 46% and achieve net zero Scope 1 and 2 emissions by 2040.

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T. Rowe Price released its midyear 2024 investment outlook, highlighting shifts in central bank policy expectations. Notably, fewer interest rate cuts are anticipated, with equity and fixed income markets adjusting accordingly.

Key expectations include broadening global growth, elevated potential for surprises from the Fed, and the risk of reaccelerating inflation. There's increased opportunity in equities, particularly value and small-cap stocks, with a reduced liquidity preference favoring equities and short-duration bonds.

Chief International Economist Nikolaj Schmidt predicts easing from central banks, while Head of International Fixed Income Ken Orchard emphasizes the persisting threat of inflation. Equity opportunities are also highlighted, especially within sectors lagging behind market leaders.

Overall, the outlook suggests that active management may outperform in the current high-rate and volatile market environment.

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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.

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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.

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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.

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FAQ

What services does T. Rowe Price offer?

T. Rowe Price offers mutual funds, subadvisory services, separate account management, and related services for individuals, institutions, retirement plan sponsors, and financial intermediaries.

Where is T. Rowe Price headquartered?

T. Rowe Price is headquartered in Baltimore, Maryland.

What is the total value of assets managed by T. Rowe Price?

As of April 2024, T. Rowe Price manages $1.485 trillion in assets.

What percentage of T. Rowe Price's assets are held in retirement-based accounts?

Approximately two-thirds of T. Rowe Price's managed assets are held in retirement-based accounts.

What recent partnership has T. Rowe Price announced?

T. Rowe Price recently announced a partnership with the Baltimore Orioles, becoming the exclusive investment and wealth management sponsor of the baseball club.

What is the T. Rowe Price Foundation?

The T. Rowe Price Foundation is the philanthropic arm of T. Rowe Price, supporting various community organizations and initiatives.

How does T. Rowe Price support diversity and inclusion?

T. Rowe Price supports diversity and inclusion through its supplier diversity programs and community-driven initiatives, including contributions to women-owned businesses.

What is the investment focus of T. Rowe Price's portfolio?

T. Rowe Price's investment portfolio includes equity, balanced, fixed-income, money market, and alternative offerings, with a focus on mitigating downside risks.

Does T. Rowe Price have a global presence?

Yes, T. Rowe Price has a significant global presence, with just under 9% of its AUM derived from overseas.

How can I learn more about T. Rowe Price?

For more detailed information, visit the official T. Rowe Price website at https://www.3blmedia.com/profiles/t-rowe-price.

T. Rowe Price Group, Inc.

Nasdaq:TROW

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