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T. Rowe Price

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T. Rowe Price Group, Inc.
Company typePublic
IndustryInvestment Management
Founded1937; 87 years ago (1937)
FounderThomas Rowe Price Jr.
Headquarters100 East Pratt Street, ,
Key people
  • Rob Sharps
  • (chairman, president & CEO)
  • Jen Dardis (CFO)
RevenueDecrease US$6.46 billion (2023)
Decrease US$1.99 billion (2023)
Increase US$1.79 billion (2023)
AUMIncrease US$1.44 trillion (2023)
Total assetsIncrease US$12.3 billion (2023)
Total equityIncrease US$9.51 billion (2023)
Number of employees
7,868[1] (2023)
ASN6566 Edit this at Wikidata
Footnotes / references

T. Rowe Price Group, Inc. is an American publicly owned global investment management firm that offers funds, subadvisory services, separate account management, and retirement plans and services for individuals, institutions, and financial intermediaries.[4] The firm has assets under management of more than $1.51 trillion and annual revenues of $6.48 billion as of 2023, placing it 537 on the Fortune 1000 list of the largest U.S. companies.[1] Headquartered at 100 East Pratt Street in 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[edit]

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.[9][10][11]



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 Xerox, IBM, and Boeing.[13] 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.[14] 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.[13] 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.[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]


T. Rowe Price held its initial public offering, valued at nearly $200 million, in 1986.[17] 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.[18] 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.[13] Also in 1999, T. Rowe Price was added to the S&P 500 Index.[19][20]

T. Rowe Price largely avoided the dot-com bubble of 2000.[21] 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.[22] 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.[23] 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.[24] Since 2000, T. Rowe Price has opened global offices in locations ranging from Madrid and Dubai to Stockholm and Sydney.[25]


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]

Branding and sponsorships[edit]

T. Rowe Price's corporate logo since 1983 is a bighorn sheep affectionately known within the firm as Trusty. The firm explained its symbol, "Known for its sure-footed agility and sharp vision, the bighorn sheep's ability to navigate challenging terrain with purpose and independence is an apt reflection of T. Rowe Price's mission and positioning."[26]

The firm was announced as the first-ever jersey sponsor of the Baltimore Orioles on June 10, 2024. A circular dark blue, aqua and white sleeve patch with Trusty on it debuted in a home game against the Atlanta Braves the following night on June 11.[27][28]

Awards and recognition[edit]

  • 2017 Ranked one of the World's Most Admired Companies by Fortune[29][30]
  • 2016 Top Companies for Women Technologists by the Anita Borg Institute Leadership Index[31]
  • 2015 P&I Best Places to Work in Money Management by Pension&Investments[32]
  • 2015 Best Employers for Healthy Lifestyle by the National Business Group on Health[33]

Notable people[edit]

Board of directors[edit]



  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. ^ "T. Rowe Price Plans Stock Offer". New York Times. 1986-02-19. Retrieved 2017-02-28.
  18. ^ "Briefcase: T. Rowe Price Encourages Trend to Drop Sales Charge". New York Times. 1992-10-03. Retrieved 2017-02-21.
  19. ^ "Baltimore's T. Rowe Price rises on Joining Index". Baltimore Sun. 1999-10-17. Retrieved 2017-02-21.
  20. ^ "T. Rowe Price Stays Aloof as European Suitors Call". 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. ^ "T. Rowe Pays High Price for Avoiding Tech Craze". Wall Street Journal. 2000-03-06. Retrieved 2017-02-15.
  23. ^ "The Price is Right at T. Rowe". Barron's. 2008-07-21. Retrieved 2017-02-28.
  24. ^ "T. Rowe Price Completes Acquisition in India". Baltimore Sun. 2010-01-21. Retrieved 2017-02-28.
  25. ^ "T. Rowe Price Global Offices". T. Rowe Price. Retrieved 2017-02-20.
  26. ^ "T. Rowe Price Unveils 'The Power of Curiosity,'" T. Rowe Price press release, Tuesday, February 20, 2024. Retrieved June 10, 2024.
  27. ^ Rill, Jake. "Orioles announce jersey patch deal with T. Rowe Price," MLB.com, Monday, June 10, 2024. Retrieved June 10, 2024.
  28. ^ T. Rowe Price press release announcing its jersey sponsorship deal with the Baltimore Orioles on Monday, June 10, 2024. Retrieved June 10, 2024.
  29. ^ "2017 World's Most Admired Survey". Fortune. Retrieved 2017-02-21.
  30. ^ "World's Most Admired Companies - T. Rowe Price - Securities and Asset Management". Fortune. Retrieved 2017-02-21.
  31. ^ "ABI Names Highest Scoring Organizations from 2016 Top Companies Program". Anita Borg Institute. 2016-10-06. Retrieved 2017-02-15.
  32. ^ "P&I Best Places to Work 2015". Pensions and Investments. 2015-12-14. Retrieved 2017-02-23.
  33. ^ "Best Employers for Healthy Lifestyles". National Business Group on Health. 2015-06-17. Retrieved 2017-02-20.
  34. ^ "T. Rowe Price Leadership". T. Rowe Price. Retrieved 2024-03-26.
  35. ^ "Traveling With Baltimore Philanthropist Eddie Brown". Baltimore Sun. 2015-08-28. Retrieved 2017-02-20.
  36. ^ "Goldman Sachs Says Abby Cohen to Stop Making S&P 500 Forecasts". Bloomberg News. March 17, 2008.
  37. ^ "Rock Stars of Tech". Portfolio.com. December 16, 2007. Retrieved 2009-09-25.
  38. ^ "Twitter Lures In An Unusual Backer". Wall Street Journal. September 25, 2009. Archived from the original on September 28, 2009. Retrieved 2009-09-25.
  39. ^ "T. Rowe Executive Miller Tapped for U.S. Treasury Post". Baltimore Business Journal. 2009-10-05. Retrieved 2017-02-20.
  40. ^ "Alfred Sommer Biography". Johns Hopkins University Bloomberg School of Public Health. Retrieved 2017-02-28.

External links[edit]

  • Business data for T. Rowe Price: