T.

Rowe Price
T. Rowe Price Group, Inc. is an
American publicly owned global T. Rowe Price Group, Inc.
investment management firm that
offers funds, advisory services,
account management, and Type Public
retirement plans and services for Traded as Nasdaq: TROW (https://www.nasdaq.com/symbol/trow)
individuals, institutions, and
S&P 500 Component
financial intermediaries. The firm,
with assets under management of Industry Investment Management
more than $1.3 trillion at the end Founded 1937
of 2019, is headquartered at 100
East Pratt Street in Baltimore, Founder Thomas Rowe Price, Jr.
Maryland, and its 16 international Headquarters 100 East Pratt Street
offices serve clients in 47 Baltimore, Maryland, U.S.
countries around the world.[2] Key people William J. Stromberg
It was founded in 1937 by (Chairman, President & CEO)

Thomas Rowe Price, Jr. who is Céline Dufétel

best known for developing the (CFO)
growth stock philosophy of
investing. Products Investment management
Mutual funds
As of 2019, the company is Advisory services
focused on active management
Retirement planning
after strategically deciding against
a major initiative in passive Revenue US$ 4.20 billion (2018)
investment.[3] Operating US$ 1.90 billion (2018)
income
Net income US$ 1.22 billion (2018)
Contents AUM US$ 991.1 billion (2018)

Business philosophy Total assets US$ 6.23 billion (2018)

History Total equity US$ 5.01 billion (2018)

1937-1986 Number of 7,022[1] (2018)
1986-2010 employees
2010-present Website TRowePrice.com (http://www.troweprice.com)

Awards and recognition Footnotes / references

[2]
Notable people
Board of directors
Others
References
External links
Business philosophy
Thomas Rowe Price Jr. started in finance in the 1920s as an entry-level researcher and account manager at
Baltimore-area brokerages, but disliked the operating models of sales-oriented firms at the time. When he
founded T. Rowe Price & Associates in 1937, his firm diverged from the norm in three major ways: charging
fees based on assets under management rather than sales volume, actively managing his clients' accounts
strictly as a fiduciary, and investing in growth stocks instead of value stocks. He became well known as the
"father of growth investing" and was nicknamed the "Sage of Baltimore" by Forbes.[4][5][6]

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.[7] 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.[4][8]

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 Xerox, IBM, and Boeing.[8] In need
of more room, the headquarters were moved in 1962 to the new One
Charles Center building designed by Ludwig Mies van der Rohe
nearby in downtown Baltimore.[9] At the same time, Price began to
prepare for retirement, resigning as president of the firm in 1963,
delegating some responsibilities, and selling his shares in the
company.[8] Despite this, Price maintained an active presence in the
firm for several years and urged the opening of the New Era Fund in
1969 as a response to the rapid inflation he predicted would dominate
the 1970s.[10] 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 100 100 East Pratt Street
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.[11]

1986-2010
T. Rowe Price held its initial public offering, valued at nearly $200 million, in 1986.[12] Shortly thereafter, the
firm began establishing larger office complexes in the U.S. and research offices around the world, beginning
with a Hong Kong office in 1987. Retirement Plan Services were launched in the 1990s alongside additional
new services and funds, including mutual funds acquired from other companies such as USF&G.[13] This
momentum, and the firm reaching $100 billion assets under management, pushed T. Rowe Price to create an
asset management partnership with Sumitomo Bank and Daiwa Securities in Tokyo in 1999, and to purchase
100% interest of the London-based Rowe Price-Fleming International, which was renamed T. Rowe Price
International.[8] Also in 1999, T. Rowe Price was added to the S&P 500 Index.[14][15]

T. Rowe Price largely avoided the dot-com bubble of 2000.The Wall Street Journal expressed surprise at the
firm's moderation with then-profitable technology stocks just a week before the markets began to crash in
March 2000.[16] In 2001, the company launched T. Rowe Price Funds SICAV, domiciled in Luxembourg, for
non-U.S. institutional investors and financial intermediaries. Two years later it created target-date retirement
funds.[17] In 2010, T. Rowe Price bought a significant interest in Unit Trust of India, India's oldest mutual fund
company and one of its five largest.[18] Since 2000, T. Rowe Price has opened global offices in locations
ranging from Madrid and Dubai to Stockholm and Sydney.[19]

2010-present

As of 2019, T. Rowe Price has continued to focus on active management rather than passive management.[3]
In the decade from 2010 to 2019, T. Rowe Price increased its assets under management from $400 billion to
over $1 trillion.[3]

Awards and recognition

2017 Ranked one of the World's Most Admired Companies by Fortune[20][21]
2016 Top Companies for Women Technologists by the Anita Borg Institute Leadership Index[22]
2015 P&I Best Places to Work in Money Management by Pension and Investments[23]
2015 Best Employers for Healthy Lifestyle by the National Business Group on Health[24]

Notable people

Board of directors
Mark S. Bartlett, Former Managing Partner of Ernst & Young
Mary K. Bush, Founder, and President of Bush International LLC
Dina Dublon, Former Vice President and Chief Financial Officer of JPMorgan Chase & Co.
Dr. Freeman Hrabowski III, President of University of Maryland, Baltimore County
Robert F. MacLellan, Chairman of Northleaf Capital Partners
Olympia Snowe, Former American Senator, founder of Olympia Snowe LLC
Robert J. Stevens, Former Chairman and CEO of Lockheed Martin
William Stromberg, Chairman of the Board, President, and CEO of T. Rowe Price
Richard Verma, Former U.S. Ambassador to India, Vice Chairman and Partner of The Asia
Group
Sandra S. Wijnberg, Executive Adviser at Aquiline Capital Partners LLC
Alan D. Wilson, Former President of McCormick & Company[25]
Others
Eddie C. Brown, former portfolio manager at T. Rowe Price, Founder and President of Brown
Capital Management, and noted philanthropist[26]
Abby Joseph Cohen, former research director at T. Rowe Price, named Institutional Investor's
top strategist in the late 1990s.[27]
Roger McNamee, former manager of the T. Rowe Price Science & Technology Fund who since
founded the venture capital firm Elevation Partners[28][29]
Mary J. Miller, former director of the firm's Fixed Income Division who left to work for the U.S.
Department of the Treasury, becoming Assistant Secretary of the Treasury for Financial
Markets, then Under Secretary of the Treasury for Domestic Finance, and finally the Deputy
Secretary of the Treasury.[30]
Alfred Sommer, former board member of T. Rowe Price and noted epidemiologist at the Johns
Hopkins Bloomberg School of Public Health[31]

References
1. "T. Rowe Price" (http://fortune.com/fortune500/t-rowe-price/). Fortune. Retrieved 2019-01-14.
2. "US SEC: Form 10-K T. Rowe Price Group, Inc" (https://www.sec.gov/Archives/edgar/data/1113
169/000111316918000009/a201710k.htm). U.S. Securities and Exchange Commission.
Retrieved March 15, 2018.
3. "T. Rowe Price has a $1 trillion answer to claims stock-picking is dead" (https://www.investment
news.com/t-rowe-price-stock-picking-franklin-resources-legg-maso-175759). InvestmentNews.
2019-12-26. Retrieved 2020-03-16.
4. "The Greatest Investors: Thomas Rowe Price, Jr" (http://www.investopedia.com/university/great
est/thomasroweprice.asp). Investopedia. 2003-12-01. Retrieved 2016-06-23.
5. "T. Rowe Price Was Right For His Clients' Portfolios" (http://www.investors.com/news/manage
ment/leaders-and-success/t-rowe-price-was-right-for-his-clients-portfolios). Investor's Business
Daily. 2011-06-16. Retrieved 2017-02-15.,
6. "T. Rowe's Stromberg Explains the Importance of Integrity" (http://video.pionline.com/media/T.+
Rowe%27s+Stromberg+explains+the+importance+of+integrity/0_4q9e3p6o). Pensions and
Investments. Retrieved 2017-02-23.
7. "Price Is Right" (https://www.forbes.com/free_forbes/2005/0131/102.html). Forbes. 2005-01-10.
Retrieved 2017-02-20.
8. "T. Rowe Price Associates -- International Directory of Company Histories" (http://www.encyclo
pedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupatio
ns/t-rowe-price). Encyclopedia.com. 2006. Retrieved 2017-02-20.
9. "National Register of Historic Places: One Charles Center, Baltimore" (https://mht.maryland.go
v/secure/medusa/PDF/NR_PDFs/NR-1241.pdf) (PDF). Retrieved 2017-02-20.
10. "T. Rowe Price Approach to Investing in Growth Stocks" (https://www.aaii.com/journal/article/th
e-t-rowe-price-approach-to-investing-in-growth-stocks). American Association of Individual
Investors Journal. 1996. Retrieved 2017-02-28.
11. "T. Rowe Price Acquires Fleming's Interest in International Joint Venture" (http://www.prnewswi
re.com/news-releases/t-rowe-price-acquires-flemings-interest-in-international-joint-venture-ren
ames-it-t-rowe-price-international-inc-72772712.html). PRNewswire. 2000-08-08. Retrieved
2017-02-15.
12. "T. Rowe Price Plans Stock Offer" (https://www.nytimes.com/1986/02/19/business/t-rowe-price-
plans-stock-offer.html). New York Times. 1986-02-19. Retrieved 2017-02-28.
13. "Briefcase: T. Rowe Price Encourages Trend to Drop Sales Charge" (https://www.nytimes.com/
1992/10/03/your-money/03iht-mrb3.html). New York Times. 1992-10-03. Retrieved 2017-02-21.
14. "Baltimore's T. Rowe Price rises on Joining Index" (http://articles.baltimoresun.com/1999-10-17/
business/9910160346_1_index-funds-index-effect-rowe-price). Baltimore Sun. 1999-10-17.
Retrieved 2017-02-21.
15. "T. Rowe Price Stays Aloof as European Suitors Call" (https://www.wsj.com/articles/SB964998
725232632446). Wall Street Journal. 2000-07-31. Retrieved 2017-02-28.
16. "T. Rowe Pays High Price for Avoiding Tech Craze" (https://www.wsj.com/articles/SB95229295
8756965887). Wall Street Journal. 2000-03-06. Retrieved 2017-02-15.
17. "The Price is Right at T. Rowe" (http://www.barrons.com/articles/SB121642844723166999?tesl
a=y). Barron's. 2008-07-21. Retrieved 2017-02-28.
18. "T. Rowe Price Completes Acquisition in India" (http://articles.baltimoresun.com/2010-01-21/bu
siness/bal-bz.digest210jan21_1_rowe-india-completes). Baltimore Sun. 2010-01-21. Retrieved
2017-02-28.
19. "T. Rowe Price Global Offices" (https://www3.troweprice.com/usis/corporate/en/locations.html).
T. Rowe Price. Retrieved 2017-02-20.
20. "2017 World's Most Admired Survey" (http://beta.fortune.com/worlds-most-admired-
companies/). Fortune. Retrieved 2017-02-21.
21. "World's Most Admired Companies - T. Rowe Price - Securities and Asset Management" (http://
beta.fortune.com/worlds-most-admired-companies/t-rowe-price-100000). Fortune. Retrieved
2017-02-21.
22. "ABI Names Highest Scoring Organizations from 2016 Top Companies Program" (http://ghc.ani
taborg.org/news/press-releases/abi-names-highest-scoring-organizations-2016-top-companies
-program/). Anita Borg Institute. 2016-10-06. Retrieved 2017-02-15.
23. "P&I Best Places to Work 2015" (http://www.pionline.com/specialreports/best-places-to-work/20
151214). Pensions and Investments. 2015-12-14. Retrieved 2017-02-23.
24. "Best Employers for Healthy Lifestyles" (https://www.businessgrouphealth.org/pub/8537C5E3-
782B-CB6E-2763-D9C6F161CAE7). National Business Group on Health. 2015-06-17.
Retrieved 2017-02-20.
25. "T. Rowe Price Board of Directors" (http://trow.client.shareholder.com/directors.cfm). T. Rowe
Price. Retrieved 2017-02-15.
26. "Traveling With Baltimore Philanthropist Eddie Brown" (http://www.baltimoresun.com/travel/bs-t
r-celeb-traveler-eddie-brown-20150828-story.html). Baltimore Sun. 2015-08-28. Retrieved
2017-02-20.
27. "Goldman Sachs Says Abby Cohen to Stop Making S&P 500 Forecasts". Bloomberg News.
March 17, 2008.
28. "Rock Stars of Tech" (http://www.portfolio.com/executives/features/2007/12/16/Roger-McName
e-Profile). Portfolio.com. December 16, 2007. Retrieved 2009-09-25.
29. "Twitter Lures In An Unusual Backer" (https://web.archive.org/web/20090928021622/http://onlin
e.wsj.com/article/BT-CO-20090925-713162.html). Wall Street Journal. September 25, 2009.
Archived from the original (https://online.wsj.com/article/BT-CO-20090925-713162.html) on
September 28, 2009. Retrieved 2009-09-25.
30. "T. Rowe Executive Miller Tapped for U.S. Treasury Post" (http://www.bizjournals.com/baltimor
e/stories/2009/10/05/daily15.html). Baltimore Business Journal. 2009-10-05. Retrieved
2017-02-20.
31. "Alfred Sommer Biography" (http://www.jhsph.edu/about/school-at-a-glance/health-advisory-bo
ard/board-members/sommer.html). Johns Hopkins University Bloomberg School of Public
Health. Retrieved 2017-02-28.

External links
Business data for T. Rowe Price: Google Finance (https://www.google.com/finance?q=TROW) ·
Yahoo! Finance (https://finance.yahoo.com/q?s=TROW) · SEC filings (https://www.sec.gov/cgi-
 bin/browse-edgar?action=getcompany&CIK=TROW)

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