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{{short description|American publicly owned investment firm}}
{{Infobox company
| name = T. Rowe Price Group, Inc.
| logo = [[File:T. Rowe Price wordmark.svg|frameless|class=skin-invert]]
| image = 100 East Pratt Street.jpg
| image_size = 220px
| image_alt = 
| image_caption = Headquarters at [[100 East Pratt Street]]
| type = [[Public company|Public]]
| traded_as = {{ubl|class=nowrap|{{NASDAQ|TROW}}|[[S&P 500]] component}}
| industry = [[Investment Management]]
| founded = {{start date and age|1937}}
| founder = [[Thomas Rowe Price Jr.]]
| hq_location = [[100 East Pratt Street]]
| hq_location_city = [[Baltimore]], Maryland, U.S.
| hq_location_country = U.S.
| key_people = {{ubl|
 | Rob Sharps ([[chairman]], [[President (corporate title)|president]] & [[Chief executive officer|CEO]]) }} 
| products = {{ubl|[[Asset Management]]|[[Wealth Management]]}} 
| revenue = {{increase}} {{US$|7.09 billion|link=yes}} (2024)
| operating_income = {{increase}} {{US$|2.33 billion}} (2024)
| net_income = {{increase}} {{US$|2.14 billion}} (2024)
| assets = {{increase}} {{US$|13.5 billion}} (2024)
| equity = {{increase}} {{US$|10.5 billion}} (2024)
| num_employees = 8,158 (2024)
| footnotes = <ref>{{cite web|url=https://www.pionline.com/money-management/t-rowe-price-names-new-ceo-stromberg-looks-retire|title=T. Rowe Price names new CEO as Stromberg looks to retire|website=Pensions&Investments|date=29 July 2021 |access-date=2022-02-13}}</ref><ref name=10K>{{cite web|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1113169/000111316925000007/trow-20241231.htm|title=US SEC: Form 10-K T. Rowe Price Group, Inc.|publisher=[[U.S. Securities and Exchange Commission]] |date=February 14, 2025}}</ref>
| homepage = {{URL|http://www.troweprice.com|troweprice.com}}
| module = {{Infobox network service provider|child=yes}}
}}

'''T. Rowe Price Group, Inc.''' is an American [[public company|publicly owned]] global [[investment management]] firm that offers [[mutual fund|funds]], subadvisory services, separate account management, and [[pension|retirement plans]] and services for individuals, institutions, and financial intermediaries.<ref>{{cite web|url= https://www.troweprice.com/content/dam/trowecorp/TROW%20Q1%202022%20Earnings%20Release.pdf|title= T. ROWE PRICE GROUP REPORTS FIRST QUARTER 2022 RESULTS|publisher=T. Rowe Price|access-date=October 2, 2022}}</ref> The firm has assets under management of more than $1.51&nbsp;trillion and annual revenues of $6.48&nbsp;billion as of 2023, placing it 537 on the [[Fortune 1000|''Fortune'' 1000]] list of the largest U.S. companies.<ref name=Fortune1000>{{cite news|title=T. Rowe Price ranking|newspaper=[[Fortune_(magazine)|Fortune]]|date=March 26, 2024|url=https://fortune.com/ranking/fortune500/search/?sector=Financials&Name=rowe|access-date=March 26, 2024}}</ref> Headquartered at [[100 East Pratt Street]] in [[Baltimore]], Maryland, it has 7,868&nbsp;employees<ref name=Fortune1000 /> across 17&nbsp;international offices serving clients in 55&nbsp;countries.<ref>{{cite web|url=https://www.troweprice.com/en/us/about-us|title=About Us|publisher=T. Rowe Price|access-date=March 26, 2024}}</ref>

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.<ref name=":0" />

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 (magazine)|Fortune]]''{{'}} most admired companies in 2020.<ref>{{Cite web|url=https://www.troweprice.com/corporate/ie/en/what-sets-us-apart/Awards-and-Recognition.html|title=Awards and Recognitions|publisher=T. Rowe Price|access-date=2021-07-23}}</ref><ref>{{cite web |url=https://www.yahoo.com/lifestyle/t-rowe-price-named-fortune-160717542.html |title=T. Rowe Price Named to Fortune Magazine's "World's Most Admired" List for the Twelfth Consecutive Year |date=2022-03-14}}</ref> Listed on [[Nasdaq]] under the stock ticker TROW since 1986, T. Rowe Price is a component of the [[Nasdaq Financial-100]] and [[S&P 500]] indices.

==Business philosophy==
Thomas Rowe Price Jr. started in finance in the 1920s as an entry-level researcher and [[account manager]] at Baltimore-area [[brokerage firm|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, [[active management|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]]''.<ref name="Investopedia">{{Cite web|url=http://www.investopedia.com/university/greatest/thomasroweprice.asp|title=The Greatest Investors: Thomas Rowe Price, Jr. |publisher=Investopedia|date=2003-12-01|language=en-US|access-date=2016-06-23}}</ref><ref>{{Cite news|url=http://www.investors.com/news/management/leaders-and-success/t-rowe-price-was-right-for-his-clients-portfolios|title=T. Rowe Price Was Right For His Clients' Portfolios| newspaper= [[Investor's Business Daily]]|date=2011-06-16|access-date=2017-02-15}},</ref><ref>{{cite web|url=http://video.pionline.com/media/T.+Rowe%27s+Stromberg+explains+the+importance+of+integrity/0_4q9e3p6o|title=T. Rowe's Stromberg Explains the Importance of Integrity|publisher=Pensions and Investments|access-date=2017-02-23}}</ref>

==History==
===1937–1986===
[[Thomas Rowe Price, Jr.]] founded T. Rowe Price & Associates in Baltimore in 1937. The firm was originally headquartered at [[Bank of America Building (Baltimore)|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.<ref>{{cite magazine|url=https://www.forbes.com/free_forbes/2005/0131/102.html|archive-url=https://web.archive.org/web/20050113160832/http://www.forbes.com/free_forbes/2005/0131/102.html|url-status=dead|archive-date=January 13, 2005| title=Price Is Right|magazine=[[Forbes]]|date=2005-01-10|access-date=2017-02-20}}</ref> 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 [[Incorporation (business)|incorporated]] and launched its first mutual fund, the T. Rowe Price Growth Stock Fund.<ref name="Investopedia"/><ref name="Encyclopedia">{{cite encyclopedia|url=http://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/t-rowe-price| title=T. Rowe Price Associates -- International Directory of Company Histories| encyclopedia=Encyclopedia.com|date=2006|access-date=2017-02-20}}</ref>

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]].<ref name="Encyclopedia" /> 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.<ref>{{cite web|url=https://mht.maryland.gov/secure/medusa/PDF/NR_PDFs/NR-1241.pdf|title=National Register of Historic Places: One Charles Center, Baltimore|access-date=2017-02-20}}</ref> 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.<ref name="Encyclopedia" /> 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 [[1973–75 recession|dominate the 1970s]].<ref>{{cite web|url=https://www.aaii.com/journal/article/the-t-rowe-price-approach-to-investing-in-growth-stocks|title=T. Rowe Price Approach to Investing in Growth Stocks|publisher=American Association of Individual Investors Journal|date=1996|access-date=2017-02-28}}</ref> In 1971, the year Price completely retired, T. Rowe Price opened its [[Fixed income|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.<ref>{{cite web|url=http://www.prnewswire.com/news-releases/t-rowe-price-acquires-flemings-interest-in-international-joint-venture-renames-it-t-rowe-price-international-inc-72772712.html |title=T. Rowe Price Acquires Fleming's Interest in International Joint Venture |publisher=PRNewswire|date=2000-08-08|access-date=2017-02-15}}</ref>

===1986–2010===
T. Rowe Price held its [[initial public offering]], valued at nearly $200 million, in 1986.<ref>{{cite news|url=https://www.nytimes.com/1986/02/19/business/t-rowe-price-plans-stock-offer.html|title=T. Rowe Price Plans Stock Offer|newspaper=[[New York Times]]|date=1986-02-19|access-date=2017-02-28}}</ref> Shortly thereafter, the firm began establishing larger office complexes in the U.S. and research offices around the world, beginning with a [[Jardine House|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]].<ref>{{cite news|url=https://www.nytimes.com/1992/10/03/your-money/03iht-mrb3.html|title=Briefcase: T. Rowe Price Encourages Trend to Drop Sales Charge|newspaper=[[New York Times]]|date=1992-10-03|access-date=2017-02-21}}</ref> 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.<ref name="Encyclopedia" /> Also in 1999, T. Rowe Price was added to the [[S&P 500 Index]].<ref name="S&P">{{cite news|url=https://www.baltimoresun.com/news/bs-xpm-1999-10-17-9910160346-story.html |archive-url=https://web.archive.org/web/20170225053447/http://articles.baltimoresun.com/1999-10-17/business/9910160346_1_index-funds-index-effect-rowe-price |url-status=live |archive-date=February 25, 2017 | title=Baltimore's T. Rowe Price rises on Joining Index| newspaper=[[Baltimore Sun]]| date=1999-10-17 | access-date=2017-02-21}}</ref><ref>{{cite news|url=https://www.wsj.com/articles/SB964998725232632446|title=T. Rowe Price Stays Aloof as European Suitors Call|newspaper=[[Wall Street Journal]]|date=2000-07-31|access-date=2017-02-28}}</ref>

T. Rowe Price largely avoided the [[dot-com bubble]] of 2000.<ref>{{cite news |url=https://www.baltimoresun.com/news/bs-xpm-2002-05-19-0205180266-story.html |title=Price's caution avoided tech dive |work=[[The Baltimore Sun]] |author=William Patalon III |date=2002-05-19 |archive-url=https://web.archive.org/web/20210621162626/https://www.baltimoresun.com/news/bs-xpm-2002-05-19-0205180266-story.html |archive-date=2021-06-21 |url-status=dead}}</ref> ''The [[Wall Street Journal]]'' expressed surprise at the firm's moderation with avoiding concentrated holdings in trendy internet technology stocks, in an article published a week before the markets began to crash in March 2000.<ref name="Dotcom">{{cite news|url=https://www.wsj.com/articles/SB952292958756965887 |title=T. Rowe Pays High Price for Avoiding Tech Craze| newspaper=[[Wall Street Journal]]|date=2000-03-06|access-date=2017-02-15}}</ref> 

In 2001, the company launched T. Rowe Price Funds SICAV, [[Domicile (law)|domiciled]] in Luxembourg, for non-U.S. institutional investors and [[Financial intermediary|financial intermediaries]]. Two years later it created [[Target date fund|target-date retirement funds]].<ref>{{cite news|url=http://www.barrons.com/articles/SB121642844723166999?tesla=y|title=The Price is Right at T. Rowe|newspaper=[[Barron's (newspaper)|Barron's]]|date=2008-07-21|access-date=2017-02-28}}</ref> 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.<ref>{{cite news|url=https://www.baltimoresun.com/2010/01/21/t-rowe-price-completes-acquisition-in-india/|title=T. Rowe Price Completes Acquisition in India|newspaper=[[Baltimore Sun]]|date=2010-01-21|access-date=2017-02-28}}</ref> Since 2000, T. Rowe Price has opened global offices in locations ranging from Madrid and Dubai to Stockholm and Sydney.<ref>{{cite web|url=https://www3.troweprice.com/usis/corporate/en/locations.html|title=T. Rowe Price Global Offices|publisher=T. Rowe Price|access-date=2017-02-20}}</ref>

=== 2010–present ===
As of 2019, T. Rowe Price has continued to focus on [[active management]] rather than [[passive management]].<ref name=":0">{{Cite web|url=https://www.investmentnews.com/t-rowe-price-stock-picking-franklin-resources-legg-maso-175759|title=T. Rowe Price has a $1 trillion answer to claims stock-picking is dead|date=2019-12-26|website=InvestmentNews|language=en-US|access-date=2020-03-16}}</ref> Since 2010, T. Rowe Price increased its assets under management from $400 billion to $1.51&nbsp;trillion and annual revenues increased more than 10&nbsp;percent to $6.48&nbsp;billion, placing it 537 on the [[Fortune 1000]] list of the largest U.S. companies.<ref name=Fortune1000 />

==Branding and sponsorships==
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."<ref>[https://troweprice.gcs-web.com/news-releases/news-release-details/t-rowe-price-unveils-power-curiosity "T. Rowe Price Unveils 'The Power of Curiosity,'" T. Rowe Price press release, Tuesday, February 20, 2024.] Retrieved June 10, 2024.</ref>

The firm was announced as the first-ever [[Baseball uniform|jersey]] sponsor of the [[Baltimore Orioles]] on June 10, 2024. A circular dark blue, [[Aqua (color)|aqua]] and white sleeve patch with Trusty on it debuted in a [[Oriole Park at Camden Yards|home]] game against the [[2024 Atlanta Braves season|Atlanta Braves]] the following night on June 11.<ref>[https://www.mlb.com/orioles/news/orioles-announce-jersey-patch-sponsor-with-t-rowe-price Rill, Jake. "Orioles announce jersey patch deal with T. Rowe Price," MLB.com, Monday, June 10, 2024.] Retrieved June 10, 2024.</ref><ref>[https://www.troweprice.com/content/dam/trowecorp/2024-06-10%20Baltimore%20Orioles%20and%20T.%20Rowe%20Price%20Announce%20Marquee%20Sponsorship%20Agreement.pdf T. Rowe Price press release announcing its jersey sponsorship deal with the Baltimore Orioles on Monday, June 10, 2024.] Retrieved June 10, 2024.</ref>

==Awards and recognition==
* 2017 Ranked one of the World's Most Admired Companies by ''[[Fortune (magazine)|Fortune]]''<ref name="Fortune">{{cite magazine|url=http://beta.fortune.com/worlds-most-admired-companies/ | title=2017 World's Most Admired Survey| magazine =[[Fortune (magazine)|Fortune]] | access-date=2017-02-21}}</ref><ref>{{cite magazine|url=http://beta.fortune.com/worlds-most-admired-companies/t-rowe-price-100000 |title= World's Most Admired Companies - T. Rowe Price - Securities and Asset Management|magazine=[[Fortune (magazine)|Fortune]] | access-date=2017-02-21}}</ref>
* 2016 Top Companies for Women Technologists by the [[Anita Borg Institute]] Leadership Index<ref>{{cite web|url=http://ghc.anitaborg.org/news/press-releases/abi-names-highest-scoring-organizations-2016-top-companies-program/| title=ABI Names Highest Scoring Organizations from 2016 Top Companies Program| publisher=[[Anita Borg Institute]] |date=2016-10-06|access-date=2017-02-15}}</ref>
* 2015 P&I Best Places to Work in Money Management by Pension&Investments<ref>{{cite web|url=http://www.pionline.com/specialreports/best-places-to-work/20151214|title=P&I Best Places to Work 2015|publisher=Pensions and Investments|date=2015-12-14|access-date=2017-02-23}}</ref>
* 2015 Best Employers for Healthy Lifestyle by the National Business Group on Health<ref>{{cite web|url=https://www.businessgrouphealth.org/pub/8537C5E3-782B-CB6E-2763-D9C6F161CAE7|title=Best Employers for Healthy Lifestyles|publisher=National Business Group on Health|date=2015-06-17|access-date=2017-02-20}}</ref>

==Notable people==
===Board of directors===
* Glenn August, Founder and CEO of Oak Hill Advisors, L.P.
* Mark S. Bartlett, Former Managing Partner of [[Ernst & Young]]
* William P. Donnelly, Former Executive Vice President of [[Mettler-Toledo]]
* [[Dina Dublon]], Former Vice President and Chief Financial Officer of [[JPMorgan Chase|JPMorgan Chase & Co.]]
* Robert F. MacLellan, Chairman of Northleaf Capital Partners
* [[Eileen Rominger]], Former Senior Advisor of CamberView Partners
* Rob Sharps, President, and CEO of T. Rowe Price
* Cynthia Smith, Senior Vice President, Regional Business and Distribution Development of [[MetLife]]
* [[Robert J. Stevens]], Former Chairman and CEO of [[Lockheed Martin]]
* Sandra S. Wijnberg, Executive Adviser at Aquiline Capital Partners LLC
* Alan D. Wilson, Former President of [[McCormick & Company]]<ref name="Board">{{cite web|url=https://www.troweprice.com/corporate/us/en/what-we-do/leadership.html|title=T. Rowe Price Leadership|publisher=T. Rowe Price|access-date=2024-03-26}}</ref>

===Others===
* [[Eddie C. Brown]], former portfolio manager at T. Rowe Price, Founder and President of Brown Capital Management, and noted philanthropist<ref>{{cite news|url=http://www.baltimoresun.com/travel/bs-tr-celeb-traveler-eddie-brown-20150828-story.html|title=Traveling With Baltimore Philanthropist Eddie Brown|newspaper=[[Baltimore Sun]]|date=2015-08-28|access-date=2017-02-20}}</ref> 
* [[Abby Joseph Cohen]], former research director at T. Rowe Price, named [[Institutional Investor (magazine)|''Institutional Investor'']]'s top strategist in the late 1990s.<ref>{{cite news |title=Goldman Sachs Says Abby Cohen to Stop Making S&P 500 Forecasts |publisher=Bloomberg News |date=March 17, 2008}}</ref>
* [[Roger McNamee]], former manager of the T. Rowe Price Science & Technology Fund who since founded the venture capital firm [[Elevation Partners]]<ref name="port">{{cite web| url=http://www.portfolio.com/executives/features/2007/12/16/Roger-McNamee-Profile | title=Rock Stars of Tech | publisher=[[Portfolio.com]] | date=December 16, 2007| access-date=2009-09-25}}</ref><ref name="twit">{{cite news|url=https://online.wsj.com/article/BT-CO-20090925-713162.html |title=Twitter Lures In An Unusual Backer |date=September 25, 2009 |newspaper=[[Wall Street Journal]] |access-date=2009-09-25 |url-status=dead |archive-url=https://web.archive.org/web/20090928021622/http://online.wsj.com/article/BT-CO-20090925-713162.html |archive-date=September 28, 2009 }}</ref>
* [[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]].<ref>{{cite web|url=http://www.bizjournals.com/baltimore/stories/2009/10/05/daily15.html|title=T. Rowe Executive Miller Tapped for U.S. Treasury Post|publisher=Baltimore Business Journal|date=2009-10-05|access-date=2017-02-20}}</ref>
* [[Olympia Snowe]], former board member of T. Rowe Price and former US Senator and founder of Olympia Snowe LLC
* [[Alfred Sommer]], former board member of T. Rowe Price and noted [[epidemiology|epidemiologist]] at the [[Johns Hopkins Bloomberg School of Public Health]]<ref>{{cite web|url=http://www.jhsph.edu/about/school-at-a-glance/health-advisory-board/board-members/sommer.html|title=Alfred Sommer Biography|publisher=Johns Hopkins University Bloomberg School of Public Health|access-date=2017-02-28}}</ref>
* [[Richard Verma]], former board member of T. Rowe Price and former [[United States Ambassador to India|U.S. Ambassador to India]], Vice Chairman and Partner of [[The Asia Group]]

==References==
{{Reflist|2}} 

==External links==
{{Finance links
| name = T. Rowe Price
| symbol = TROW
| sec_cik = 1113169
| yahoo = TROW
| google = TROW
}}

{{Major asset management companies}}
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[[Category:Investment management companies of the United States]]
[[Category:American companies established in 1937]]
[[Category:Financial services companies established in 1937]]
[[Category:Financial services companies of the United States]]
[[Category:Companies based in Baltimore]]
[[Category:Financial services companies based in Maryland]]
[[Category:Mutual funds of the United States]]
[[Category:1937 establishments in Maryland]]
[[Category:1980s initial public offerings]]
[[Category:Companies in the S&P 500 Dividend Aristocrats]]
[[Category:Asset management companies]]