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 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.
T. Rowe Price has announced the appointment of Ben Riley, CFA®, to the newly created role of Head of Insurance, effective January 1, 2025. Riley will oversee a team responsible for insurance clients in North America and coordinate T. Rowe Price's global insurance efforts. He will report to Doug Greenstein, Head of Institutional Business Development for Americas.
Riley has been with T. Rowe Price since 2001 and joined the Americas Institutional Client Service team in 2007. In 2017, he became the firm's first senior relationship manager dedicated to insurance general account mandates. Under his leadership, T. Rowe Price's insurance business has experienced strong growth across multiple asset classes.
The appointment aims to drive growth and better serve clients with enhanced focus and expertise in the insurance sector. Riley highlighted T. Rowe Price's strengths in providing customized fixed income solutions and fundamental credit research, which are critical for insurance mandates.
T. Rowe Price has launched Managed Lifetime Income (MLI), a new retirement solution for defined contribution plans. MLI combines a managed payout investment from T. Rowe Price with a Qualifying Longevity Annuity Contract (QLAC) from Pacific Life to provide retirees with stable and predictable monthly income for life.
The solution offers payments from the managed payout investment for the first 15 years of retirement, followed by guaranteed QLAC payments for the participant's lifetime. MLI is integrated within T. Rowe Price's participant experience, including access to a retirement income estimator. This launch expands T. Rowe Price's retirement income solutions, giving clients the ability to choose between products with or without guaranteed income.
T. Rowe Price Group (NASDAQ-GS: TROW) reported preliminary month-end assets under management of $1.63 trillion as of September 30, 2024. The company experienced preliminary net outflows of $4.9 billion for September 2024 and $12.2 billion for the quarter-ended September 30, 2024. Quarterly net flows include $0.8 billion of Manager-driven distributions.
The firm's assets under management breakdown as of September 30, 2024:
- Equity: $832 billion
- Fixed income, including money market: $186 billion
- Multi-asset: $561 billion
- Alternatives: $52 billion
- Target date retirement portfolios: $482 billion
T. Rowe Price will release Q3 2024 earnings on November 1, 2024, at 7:00 AM ET, followed by an earnings call from 8:00 - 8:45 AM ET.
T. Rowe Price has released financial planning tips for retirement savers at every stage of their journey. The global investment management firm emphasizes the importance of retirement planning and its impact on financial confidence. According to a recent T. Rowe Price survey, pre-retirees with a formal, written financial plan are over 60% more confident about their retirement outlook compared to those without one.
Key insights include:
- The growing FIRE (Financial Independence, Retire Early) movement among millennials and Generation X
- The usefulness of Monte Carlo analysis for those approaching retirement
- The benefits of delaying Social Security claims until age 70
T. Rowe Price has also released a special edition of its podcast, 'CONFIDENT CONVERSATIONS® on Retirement,' and plans to launch its fourth season next month.