What Happened to T. Rowe Price Group, Inc.?
T. Rowe Price Group, Inc. is a global investment management firm founded in 1937, known for its growth stock investment philosophy and active management approach. As of February 28, 2026, the firm manages $1.80 trillion in assets, navigating market shifts by expanding into ETFs, alternative investments, and strategic global partnerships despite experiencing net client outflows in 2025.
Quick Answer
T. Rowe Price remains a leading global asset management firm, with $1.80 trillion in assets under management as of February 28, 2026. The company is actively pursuing strategic initiatives to diversify its offerings, including expanding its ETF lineup, growing its alternatives business, and forming new partnerships with firms like Goldman Sachs and First Abu Dhabi Bank. Despite experiencing net client outflows of $56.9 billion in 2025, T. Rowe Price continues to focus on long-term growth and enhancing shareholder value through its disciplined investment approach and new product development.
📊Key Facts
📅Complete Timeline15 events
T. Rowe Price & Associates Founded
Thomas Rowe Price Jr. founded T. Rowe Price & Associates in Baltimore, Maryland, pioneering a fee-based 'growth stock' investment philosophy.
Launched First Growth Stock Fund
The firm launched its first investment fund, the T. Rowe Price Growth Stock Fund, one of the first of its kind in the U.S.
Began International Expansion
T. Rowe Price began its international expansion with a joint venture, Rowe Price-Fleming International.
Initial Public Offering (IPO)
T. Rowe Price held its initial public offering, valued at nearly $200 million, enhancing its market visibility and capital access.
Created Target-Date Retirement Funds
The company created target-date retirement funds, which have since become a significant part of its offerings.
Launched First Actively Managed ETFs
T. Rowe Price became an early provider of actively managed ETFs, launching its first equity products.
Acquired Oak Hill Advisors (OHA)
The acquisition of Oak Hill Advisors (OHA) accelerated T. Rowe Price's expansion into alternative credit markets.
Strategic Collaboration with Goldman Sachs Announced
T. Rowe Price and Goldman Sachs announced a strategic collaboration to deliver public and private market solutions for retirement and wealth investors.
COO Kimberly Johnson's Departure and Tech Reorganization
T. Rowe Price announced the departure of COO Kimberly Johnson in December 2025 and the formation of a new technology, data, and operations function led by CTO Ramon Richards.
Creation of Global Strategy Function
T. Rowe Price announced the creation of a Global Strategy function to drive its strategic vision, with Andrew Reich joining as its head on January 5, 2026.
Reported Full-Year 2025 Financial Results
T. Rowe Price reported $1.78 trillion in AUM and $56.9 billion in net client outflows for the full year 2025.
TRPIM Leadership Transition Announced
Steph Jackson, head of T. Rowe Price Investment Management (TRPIM), announced his retirement at the end of 2026, with Steven Krichbaum named as his successor effective January 1, 2027.
AUM Reaches $1.80 Trillion
The firm's assets under management increased to $1.80 trillion.
College Savings Plan Rebranded
The T. Rowe Price College Savings Plan was rebranded as 'T. Rowe Price 529' to reflect expanded flexibility for education expenses.
Expanded Fixed Income with New CLO Offering
T. Rowe Price announced its entrance into the Collateralized Loan Obligation (CLO) market with the debut of ROWE CLO 2026-1 Ltd., a US$403.59 million offering.
🔍Deep Dive Analysis
T. Rowe Price Group, Inc. was founded in 1937 by Thomas Rowe Price Jr. in Baltimore, Maryland, pioneering a fee-based 'growth stock' investment philosophy that prioritized client interests over commissions. This foundational principle guided its early growth, including the launch of one of the first U.S. growth stock funds in 1950 and its initial public offering in 1986. The firm expanded internationally in 1979 and introduced target-date retirement funds in 2003, which became a cornerstone of its offerings.
In recent years, T. Rowe Price has faced challenges, particularly with persistent net client outflows. For the full year 2025, the company reported net client outflows of $56.9 billion, with equity and mutual fund businesses being the most affected. This trend is attributed to several factors, including performance shortfalls in certain strategies, portfolio rebalancing due to elevated equity markets, and a broader industry shift in client demand towards lower-priced investment vehicles and passive management. The effective fee rate also saw a slight decline in Q4 2025, reflecting this shift in asset and vehicle mix.
Despite these outflows, the firm's assets under management (AUM) have shown resilience, increasing to $1.80 trillion as of February 28, 2026, primarily driven by market appreciation and income. T. Rowe Price has responded to market dynamics with a clear strategic focus on diversification and innovation. Key turning points include the 2021 acquisition of Oak Hill Advisors (OHA) to accelerate its expansion into alternative credit markets, and the launch of actively managed ETFs starting in 2020. In 2025, the firm launched 13 new ETFs, bringing its total to 30, with ETF AUM exceeding $21 billion by year-end.
Strategic partnerships have also been a significant development. In September 2025, T. Rowe Price announced a collaboration with Goldman Sachs to deliver public-private investment solutions for wealth and retirement investors, with the first co-branded model portfolios launched in Q4 2025 and more expected in 2026. In January 2026, a new strategic partnership with First Abu Dhabi Bank was announced to deliver investment solutions across the Middle East. The firm also created a Global Strategy function in November 2025, with Andrew Reich joining as its head in January 2026, to drive strategic vision and long-term planning.
As of April 10, 2026, T. Rowe Price continues to evolve its offerings. Recent developments include the March 2026 launch of the OHA Flexible Credit Income Fund for U.S. wealth clients and the expansion of its fixed income platform with a new Collateralized Loan Obligation (CLO) offering, ROWE CLO 2026-1 Ltd., in April 2026. Leadership transitions are also underway, with Steph Jackson, head of T. Rowe Price Investment Management (TRPIM), set to retire at the end of 2026, and Steven Krichbaum appointed as his successor effective January 1, 2027. The company is scheduled to release its Q1 2026 earnings on April 30, 2026. While facing ongoing structural outflows, T. Rowe Price is strategically investing in new growth areas and partnerships to maintain its competitive position in the evolving asset management landscape.
What If...?
Explore alternate histories. What if T. Rowe Price Group, Inc. made different choices?