PRICE T ROWE GROUP INC (TROW)

T. Rowe Price Group, Inc. is a financial services holding company that provides global investment advisory services through its subsidiaries. Founded in 1937 by Thomas Rowe Price, Jr., it describes itself as a global asset management organization with more than 85 years of experience, taking an active, independent approach to investing. Its common stock trades on the NASDAQ Global Select Market under the symbol "TROW". Substantially all of its net revenue comes from investment advisory fees earned from sponsored products and clients, and the firm also provides related administrative services such as distribution, mutual fund transfer agent, accounting, shareholder services, retirement plan recordkeeping, brokerage and trust services.

The firm offers strategies in equity, fixed income (including money market), multi-asset, and alternatives across sectors, styles and regions. Multi-asset includes target date and target allocation products, and alternatives include private credit, leveraged loans, real assets/commercial real estate, structured products and CLOs. It also offers specialized services such as stable value investment contracts, customized multi-asset solutions, and a distribution management service for equity securities clients receive from venture capital pools. Products are delivered through U.S. mutual funds, collective investment trusts, exchange-traded funds, subadvised funds, separately managed accounts, model portfolios, college savings plans, variable annuity products, private funds, business development companies, interval funds, CLOs, and open-ended products for non-U.S. investors. Investment advisory work is performed mainly by subsidiaries T. Rowe Price Associates, T. Rowe Price Investment Management, T. Rowe Price International Ltd and Oak Hill Advisors. At December 31, 2025, assets under management were $1,775.6 billion, including $561.4 billion (31.6%) in target date retirement products. Nearly 55% of advisory fees come from sponsored U.S. mutual funds.

Customers include individuals, financial advisors and intermediaries, institutions, and retirement plan sponsors. Products are distributed through five channels: Americas financial intermediaries, EMEA and APAC financial intermediaries, individual U.S. investors on a direct basis, U.S. defined contribution, and institutional investors. The firm serves clients in 60 countries across the Americas, EMEA and APAC, though investors domiciled outside the U.S. represented nearly 9% of AUM. Its stated priorities include leadership in retirement, U.S. wealth management growth, select global markets, private and alternatives markets, and global partnerships.

Fundamental and quantitative research staff work primarily from offices in the U.S. and U.K., with additional staff in Australia, Hong Kong, Japan and Singapore, supplemented by external research. The firm seeds new products with its own capital ($1.1 billion at year-end 2025) and holds co-investments in certain alternatives products ($0.3 billion). The text notes industry pressures including the shift to passive products, fee pressure and regulatory change. In 2025 the firm began a plan to align expense growth with revenue growth, including role eliminations, technology outsourcing to vendors, and plans to exit certain owned buildings.