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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 celebrates Pride Month by highlighting the impact of its PRIDE @ T. Rowe Price business resource group (BRG). The BRG aims to foster an inclusive and supportive workplace for LGBTQ+ individuals and allies. Key associates shared their experiences and the importance of visibility, acceptance, and community within the organization.
Sean Flaherty emphasized creating a welcoming environment for new hires, while Jennifer Fox highlighted the sense of belonging the BRG provides. Yoko Matsumoto discussed the importance of equal opportunity and visibility. Diana Panunzio, the Chair of PRIDE @ T. Rowe Price, focused on fostering empathy and inclusion. Essi Sadeghi reflected on the safe space and advocacy offered by the BRG. Overall, the company aims to weave diversity, equity, and inclusion into its culture.
T. Rowe Price launched the second season of its podcast series, 'The Angle,' titled 'Revolution to Reality – Exploring the Power of Artificial Intelligence,' on May 29, 2024. The series will run for six weeks, with new episodes released weekly, delving into the rise of generative AI and its impact on various sectors. Hosted by Jennifer Martin, a portfolio specialist, the podcast features discussions with investment and technology experts on topics like AI's transformative power, its role in investment research, and its effects on the global economy. Episodes are available on multiple platforms including Spotify and Apple Podcasts.
The T. Rowe Price Foundation has committed $550K in grants to support nonprofits in Colorado Springs. This funding will be distributed among local organizations focusing on food and housing insecurity, behavioral health and youth suicide, and education. These grants will support various programs, including Food to Power's efforts to reduce food waste and increase food access, Children's Hospital Colorado's youth suicide prevention initiatives, the Colorado Springs Pioneers Museum's historical and social justice programs, and the University of Colorado, Colorado Springs' Career and Innovation Center. This initiative reflects T. Rowe Price's dedication to empowering communities and supporting local nonprofit work in areas where their associates live and work.
T. Rowe Price has announced a partnership with Ascensus to enhance the experience for 529 plan account owners. T. Rowe Price will remain the investment and program manager for its state-sponsored 529 plans, while Ascensus, with its extensive servicing technology and expertise, will handle recordkeeping and account servicing. This collaboration aims to offer account owners an improved online and mobile platform, an enhanced gifting platform, and seamless electronic payments to over 800 educational institutions. The partnership leverages Ascensus' track record in 529 administration, which supports 6.5 million savers with over $200 billion in assets. T. Rowe Price manages education savings for over 675,000 account owners.
T. Rowe Price has released its 2023 Community Snapshot, highlighting the firm's dedication to community support both locally in Baltimore and globally, including regions like Colorado, New York, the UK, and Asia Pacific. The report showcases the firm's extensive involvement in community service, emphasizing their strategic partnerships and volunteer initiatives.
Key figures from the snapshot include $22.1 million in total firm giving, reaching 15.5 million people through financial education programs, and a cumulative $182.3 million given by the T. Rowe Price Foundation since 1981. Additionally, over 32,000 volunteer hours were contributed by more than 1,700 associates, and 440 nonprofits have benefited from associates serving on their boards.
The firm's efforts underscore its commitment to creating equitable solutions and strengthening communities through long-term community investments and corporate responsibility initiatives.
T. Rowe Price Group, Inc. reported preliminary month-end assets under management of $1.48 trillion as of April 30, 2024, with net outflows of $7.8 billion. The firm's assets under management decreased from the prior quarter, with equity, fixed income, multi-asset, and alternatives categories outlined. Target date retirement products also showed a decrease in assets.
T. Rowe Price OHA Select Private Credit Fund (OCREDIT) announced financial results with total distributions of $0.87 per share in Q1 2024. The company reported strong interest income and attractive asset yields, growing net asset value per share and successful fundings. OCREDIT launched on a major wirehouse platform and issued new common shares, declaring distributions of $0.23 per share for the quarter.
T. Rowe Price Group, Inc. declared a quarterly dividend of $1.24 per share payable on June 27, 2024. The company's Board of Directors elected all 11 nominees, approved executive compensation, and ratified KPMG LLP as the independent registered public accounting firm for 2024.
As we celebrate Asian American Native Hawaiian Pacific Islander (AANHPI) Heritage Month, T. Rowe Price recognizes the diversity and contributions of the AANHPI community. The theme emphasizes the innovation and leadership of AANHPI members in driving economic prosperity, technological advancements, and social change. Associates share their experiences and insights on advancing leaders through innovation, promoting diversity, and fostering progress.
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