T. Rowe Price

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T. Rowe Price Group, Inc.
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Footnotes / references
[2][3]

T. Rowe Price Group, Inc. is an American

Baltimore, Maryland, it has 7,868 employees[1] across 17 international offices serving clients in 55 countries.[5]

The firm was founded in 1937 by

Thomas Rowe Price, Jr. who is best known for developing the growth stock philosophy of investing. As of 2019, the company is focused on active management after strategically deciding against a major initiative in passive investment.[6]

Consistently ranked among the world's top asset managers, T. Rowe Price was named one of the best places to work in money management by Pensions&Investments and was one of Fortune's most admired companies in 2020.[7][8]

Business philosophy

Thomas Rowe Price Jr. started in finance in the 1920s as an entry-level researcher and

value stocks. He became well known as the "father of growth investing" and was nicknamed the "Sage of Baltimore" by Forbes.[9][10][11]

History

1937–1986

Thomas Rowe Price, Jr. founded T. Rowe Price & Associates in Baltimore in 1937. The firm was originally headquartered at 10 Light Street and staffed by a small pool of associates, many of whom left Legg Mason's precursor, MacKubin, Legg and Co., along with Price.[12] Initially a very small firm focused on wealth management, and private investment accounts for Baltimore-area families, the company struggled during the Great Depression and World War II before gaining solid footing at the end of the 1940s. By 1950, its clientele grew too large for the staff to manage accounts individually, so the firm incorporated and launched its first mutual fund, the T. Rowe Price Growth Stock Fund.[9][13]

Gaining traction in Baltimore and along the U.S. eastern seaboard, the firm continued a steady expansion of clientele, staff, and geographic reach. By 1960, Price opened a second fund, named the New Horizons Fund, focused on growth investment opportunities, and especially technology firms like

dominate the 1970s.[15] In 1971, the year Price completely retired, T. Rowe Price opened its Fixed Income Division
, and began to modernize and diversify its operations.

In the 1970s and early 1980s, T. Rowe Price kicked off more assertive growth than before, moving to its current location at 100 East Pratt Street and opening its first international office. In 1979, T. Rowe Price launched a joint venture with British asset manager Robert Fleming & Co. named Rowe Price-Fleming International. The venture, which managed $39 billion at its height in 2000, allowed T. Rowe Price to offer a broader range of services and expertise internationally.[16]

1986–2010

T. Rowe Price held its

S&P 500 Index.[19][20]

T. Rowe Price largely avoided the

Unit Trust of India, India's oldest mutual fund company and one of its five largest.[24] Since 2000, T. Rowe Price has opened global offices in locations ranging from Madrid and Dubai to Stockholm and Sydney.[25]

2010–present

As of 2019, T. Rowe Price has continued to focus on active management rather than passive management.[6] Since 2010, T. Rowe Price increased its assets under management from $400 billion to $1.51 trillion and annual revenues increased more than 10 percent to $6.48 billion, placing it 537 on the Fortune 1000 list of the largest U.S. companies.[1]

Awards and recognition

Notable people

Board of directors

Others

References

  1. ^ a b c d "T. Rowe Price ranking". Fortune. March 26, 2024. Retrieved March 26, 2024.
  2. ^ "T. Rowe Price names new CEO as Stromberg looks to retire". Pensions&Investments. 29 July 2021. Retrieved 2022-02-13.
  3. ^ "US SEC: Form 10-K T. Rowe Price Group, Inc". U.S. Securities and Exchange Commission. 16 February 2024.
  4. ^ "T. ROWE PRICE GROUP REPORTS FIRST QUARTER 2022 RESULTS" (PDF). T. Rowe Price. Retrieved October 2, 2022.
  5. ^ "About Us". T. Rowe Price. Retrieved March 26, 2024.
  6. ^ a b "T. Rowe Price has a $1 trillion answer to claims stock-picking is dead". InvestmentNews. 2019-12-26. Retrieved 2020-03-16.
  7. ^ "Awards and Recognitions". T. Rowe Price. Retrieved 2021-07-23.
  8. ^ "T. Rowe Price Named to Fortune Magazine's "World's Most Admired" List for the Twelfth Consecutive Year". 2022-03-14.
  9. ^ a b "The Greatest Investors: Thomas Rowe Price, Jr". Investopedia. 2003-12-01. Retrieved 2016-06-23.
  10. ^ "T. Rowe Price Was Right For His Clients' Portfolios". Investor's Business Daily. 2011-06-16. Retrieved 2017-02-15.,
  11. ^ "T. Rowe's Stromberg Explains the Importance of Integrity". Pensions and Investments. Retrieved 2017-02-23.
  12. ^ "Price Is Right". Forbes. 2005-01-10. Archived from the original on January 13, 2005. Retrieved 2017-02-20.
  13. ^ a b c d "T. Rowe Price Associates -- International Directory of Company Histories". Encyclopedia.com. 2006. Retrieved 2017-02-20.
  14. ^ "National Register of Historic Places: One Charles Center, Baltimore" (PDF). Retrieved 2017-02-20.
  15. ^ "T. Rowe Price Approach to Investing in Growth Stocks". American Association of Individual Investors Journal. 1996. Retrieved 2017-02-28.
  16. ^ "T. Rowe Price Acquires Fleming's Interest in International Joint Venture". PRNewswire. 2000-08-08. Retrieved 2017-02-15.
  17. New York Times
    . 1986-02-19. Retrieved 2017-02-28.
  18. New York Times
    . 1992-10-03. Retrieved 2017-02-21.
  19. Baltimore Sun
    . 1999-10-17. Retrieved 2017-02-21.
  20. Wall Street Journal
    . 2000-07-31. Retrieved 2017-02-28.
  21. ^ William Patalon III (2002-05-19). "Price's caution avoided tech dive". The Baltimore Sun. Archived from the original on 2021-06-21.
  22. Wall Street Journal
    . 2000-03-06. Retrieved 2017-02-15.
  23. Barron's
    . 2008-07-21. Retrieved 2017-02-28.
  24. Baltimore Sun
    . 2010-01-21. Retrieved 2017-02-28.
  25. ^ "T. Rowe Price Global Offices". T. Rowe Price. Retrieved 2017-02-20.
  26. ^ "2017 World's Most Admired Survey". Fortune. Retrieved 2017-02-21.
  27. ^ "World's Most Admired Companies - T. Rowe Price - Securities and Asset Management". Fortune. Retrieved 2017-02-21.
  28. Anita Borg Institute
    . 2016-10-06. Retrieved 2017-02-15.
  29. ^ "P&I Best Places to Work 2015". Pensions and Investments. 2015-12-14. Retrieved 2017-02-23.
  30. ^ "Best Employers for Healthy Lifestyles". National Business Group on Health. 2015-06-17. Retrieved 2017-02-20.
  31. ^ "T. Rowe Price Leadership". T. Rowe Price. Retrieved 2024-03-26.
  32. Baltimore Sun
    . 2015-08-28. Retrieved 2017-02-20.
  33. ^ "Goldman Sachs Says Abby Cohen to Stop Making S&P 500 Forecasts". Bloomberg News. March 17, 2008.
  34. ^ "Rock Stars of Tech". Portfolio.com. December 16, 2007. Retrieved 2009-09-25.
  35. Wall Street Journal. September 25, 2009. Archived from the original
    on September 28, 2009. Retrieved 2009-09-25.
  36. ^ "T. Rowe Executive Miller Tapped for U.S. Treasury Post". Baltimore Business Journal. 2009-10-05. Retrieved 2017-02-20.
  37. ^ "Alfred Sommer Biography". Johns Hopkins University Bloomberg School of Public Health. Retrieved 2017-02-28.

External links

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