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T. Rowe Price Group Inc TROW

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Morningstar’s Analysis

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Economic Moat




T. Rowe Price's New Entity Brings Opportunities and Trade-Offs; No Change to Moat or FVE

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

We do not anticipate making any meaningful changes to our moat rating or fair value estimate for wide-moat-rated T. Rowe Price following the company's announcement that it will be splitting its investment-research organization in two--leading to the launch of T. Rowe Price Investment Management in the second quarter of 2022. Six constrained or closed investment strategies and their supporting analytical resources will be moving over to the new entity. T. Rowe Price Investment Management is expected to be completely separate from legacy T. Rowe Price Associates, with the two teams expected to no longer share research and investment resources and corporate not providing much in the way of assets under management, flow, or fee data for the new entity.

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Company Profile

Business Description

T. Rowe Price provides asset-management services for individual and institutional investors. It offers a broad range of no-load U.S. and international stock, hybrid, bond, and money market funds. At the end of September 2020, the firm had $1.310 trillion in managed assets, composed of equity (60%), balanced (28%) and fixed-income (12%) offerings. Approximately two thirds of the company's managed assets are held in retirement-based accounts, which provides T. Rowe Price with a somewhat stickier client base than most of its peers. The firm also manages private accounts, provides retirement planning advice, and offers discount brokerage and trust services. The company is primarily a U.S.-based asset manager, deriving just 7% of its AUM from overseas.

100 East Pratt Street
Baltimore, MD, 21202
T +1 410 345-2000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 7,365