T Rowe Price
“Market Cap $21.85 B As of May 2014
At a Glance
- Industry: Investment Services
- Founded: 1937
- Country: United States
- CEO: James A Kennedy
- Website: www.troweprice.com
- Employees: 5,668
- Sales: $3.5 B
- Headquarters: Baltimore, Maryland
#1086 Global 2000
- #615 in Profit
- #505 in Market value
T. Rowe Price Group, Inc. is a financial services holding company that provides investment advisory services to individual and institutional investors in sponsored mutual funds and other managed investment portfolios through its subsidiaries. It operates investment advisory business through its subsidiary companies, primarily T. Rowe Price Associates, Inc., T. Rowe Price International, Inc. and T. Rowe Price Global Investment Services Ltd. The company’s assets under management are accumulated from a diversified client base across four primary distribution channels: third-party financial intermediaries that distribute managed investment portfolios in the U.S. and other countries; individual U.S. investors on a direct basis; U.S. defined contribution retirement plans; and institutional investors in the U.S. and other countries. The company was founded by Thomas Rowe Price Jr. in 1937 and is headquartered in Baltimore, MD.“
“T Rowe Price History
In 1937, Firm established. In 1950, First mutual fund launch, T. Rowe Price Growth Stock Fund. In 1951, Introduction of first institutional client account. In 1960, Expansion into U.S. small-cap equity investments, beginning an industry trend toward specialized mutual fund management. In 1969, New Era Fund launched, a mutual fund that invests in natural resources. In 1971, George Collins is hired to develop the fixed-income management division. In 1974, Introduction of the firm’s first retirement accounts in the U.S. In 1979, Partnering with U.K.-based Robert Fleming & Co., expands international investments to U.S. clients. In 1986, Initial public offering. In 1987, Establishes research office in Hong Kong, soon followed by offices in Buenos Aires and Singapore. In 1994, Partners with third parties to deliver products and services to a wider audience. In 2000, Acquires complete ownership of Rowe Price-Fleming International to form the new entity—T. Rowe Price International, Inc.
From 1982 to 1991 Roger McNamee worked at the company, first as an analyst and eventually promoted to run the Science & Technology Fund. Under McNamee’s leadership, the fund returned about 17% annually to investors and, in a move atypical for mutual funds, he made venture capital investments in Electronic Arts (which went public in 1989) and Sybase (which had its IPO in 1991).
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. In 2004, it established an office in Amsterdam and Sydney.
In early 2008, T. Rowe Price announced the addition of two new buildings, located in Owings Mills, Maryland, near their headquarters. In April 2009 the firm announced that due to economic conditions the completion of the buildings would be delayed until later in 2010. In addition, the firm laid off 288 employees or about 5.5% of their labor force.
As of June 30, 2011, T. Rowe Price had $520.9 billion in assets under management globally. It was ranked one of the “top twenty” Investment firms in the world and was recognized as one of BusinessWeek’s Customer Service Champs.
In September 2009, Twitter disclosed it had received $100 million in funding from several investors, including T. Rowe Price, which valued the company at one billion dollars.According to Dow Jones VentureSource, the Twitter investment was the eighth time since 2005 that the company has invested in venture-capital backed firms, and only the second time (the other being Slide.com) that T. Rowe Price had invested in a purely Internet-related company.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “TRowePriceGroup“