T. Rowe Price Group reports developments tied to its global asset management business, including assets under management, client flows, earnings, dividends, stockholder meeting results, and capital return activity. Company updates also cover its investment platform across equity, fixed income, multi-asset, and alternative strategies, with recurring references to retirement-related assets and client solutions.
News about T. Rowe Price also includes product and platform changes such as fixed income vehicles, CLO activity, 529 education savings offerings, private credit initiatives associated with OHA, and investment commentary from the firm's research and portfolio teams.
T. Rowe Price presented its 42nd annual global market outlook for 2025, featuring insights from key experts. The outlook suggests strong U.S. economic growth driven by non-residential investment, AI technologies, and green energy transition. Despite sticky inflation potentially limiting central bank rate cuts, the environment appears constructive for stock selection with strong consumer and business balance sheets. The firm expects broadening market returns and highlights opportunities in value stocks, emerging markets, and real asset equities. Key challenges include persistent inflation risks, energy prices, and consumer behavior post-election.
T. Rowe Price Group reported preliminary assets under management (AUM) of $1.61 trillion as of October 31, 2024. The firm experienced net outflows of $2.0 billion for October 2024. The AUM breakdown shows: $817 billion in Equity, $186 billion in Fixed income, $551 billion in Multi-asset, and $53 billion in Alternatives. Target date retirement portfolios stood at $474 billion. Compared to December 2023, total AUM increased from $1.445 trillion, though it decreased from September 2024's $1.631 trillion.
T. Rowe Price OHA Select Private Credit Fund (OCREDIT) announced Q3 2024 financial results and declared total distributions of $0.84 per share, including a $0.15 special quarterly distribution. The fund invested in 10 new portfolio companies, achieving net growth of $285.3 million. The portfolio spans 103 companies across 22 sectors with an 11.6% yield. Net investment income was $0.77 per share, with earnings per share at $0.69. The fund's NAV slightly decreased to $27.83 from $27.98. OCREDIT expanded its JPM Credit Facility to $665 million from $475 million and reduced costs on its BNP Credit Facility.
T. Rowe Price Group (NASDAQ-GS: TROW) has announced a quarterly dividend of $1.24 per share. The dividend will be paid on December 27, 2024, to stockholders of record as of the close of business on December 13, 2024. This announcement follows the Board of Directors' declaration of the quarterly dividend payment.
T. Rowe Price Group (NASDAQ-GS: TROW) announced its third quarter 2024 financial results on November 1, 2024. The company scheduled a webcast from 8:00 - 8:45 AM (Eastern Time) where Chair, CEO, and President Rob Sharps and CFO Jen Dardis will discuss business performance, review financial results, and take questions. Supplemental materials will be available on the investor relations website before the call, with a replay available afterward.
T. Rowe Price has achieved Silver Status in Management Leadership for Tomorrow's (MLT) Black Equity at Work Certification, demonstrating its commitment to racial equity in the workplace. The certification evaluates companies across five key pillars: representation, compensation equity, workplace culture, business practices, and inclusive procurement practices. The firm is also participating in MLT's Hispanic Equity at Work certification process. T. Rowe Price partners with various organizations to promote diversity and has invested $50 million in deposits to support under-resourced communities through CNote.
T. Rowe Price has launched its first thematic actively managed ETF, the T. Rowe Price Technology ETF (TTEQ), which began trading on NASDAQ. The ETF focuses on the technology sector with a portfolio of 40-50 high-conviction investments in innovative and fast-growing tech subsectors. Managed by Dominic Rizzo, who oversees the $9.4 billion Global Technology Equity strategy, TTEQ invests at least 80% of its assets in tech companies. The ETF has a net expense ratio of 0.63% and expands T. Rowe Price's active ETF lineup to 17 funds. This new offering combines the firm's active management expertise with ETF benefits like tax efficiency and intraday trading flexibility.
Oak Hill Advisors (OHA) has acted as Lead Left Arranger for a private unitranche facility supporting Onex's acquisition of Farsound Aviation. Farsound, a leading global supply chain solutions provider for the aerospace engine maintenance, repair and overhaul (MRO) market, will benefit from OHA's extensive aerospace sector knowledge. Alexis Atteslis, Co-Head of Europe and Partner at OHA, highlighted Farsound's strong management team and unique business model, expressing confidence in the company's growth potential under Onex's strategic guidance.
Oak Hill Advisors (OHA) has acted as the Lead Left Arranger for a private unitranche facility supporting Onex's acquisition of Farsound Aviation . Farsound is a leading global supply chain solutions provider for the aerospace engine maintenance, repair and overhaul (MRO) market.
OHA's extensive knowledge of the aerospace sector and previous investment experience in the industry were key factors in structuring this LBO financing solution. Alexis Atteslis, Co-Head of Europe and Partner at OHA, expressed confidence in Farsound's growth potential, citing its best-in-class management team and unique business model, coupled with Onex's industry expertise.
This transaction marks a continuation of OHA's growth in the European private credit business, demonstrating its ability to lead transactions and provide flexible, tailored capital solutions.
T. Rowe Price's recent survey reveals that 51% of American sports fans are more likely to know their favorite team's record than their retirement savings. The survey, conducted by Wakefield Research, sampled 1,000 adults aged 18 and older. Key findings include:
- 64% of Americans believe they started thinking about retirement later than they should have
- Nearly 2 in 5 employed Americans feel behind on their retirement goals
- 13% of employed Americans haven't started planning for retirement
On a positive note, 37% of respondents feel that saving a set amount monthly would increase their retirement security. The survey coincides with National Retirement Security Week and the MLB playoffs, following T. Rowe Price's partnership with The Baltimore Orioles as their exclusive investment and wealth management sponsor.