T. Rowe Price

Corporate brand

A global investment-management firm built around active investing, growth-oriented research, and long-term client relationships.

Last updated October 1, 2026

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Overview

T. Rowe Price Group, Inc. is a publicly traded American investment-management company headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the firm developed a distinctive approach to investing that emphasized growth companies, independent research, fiduciary responsibility, and fees based on assets managed rather than sales commissions. Those principles helped establish the organization as one of the best-known active managers in the United States. The company serves individual investors, retirement savers, institutions, financial intermediaries, and other asset owners. Its capabilities include mutual funds, exchange-traded funds, separately managed accounts, subadvisory arrangements, retirement-plan services, target-date strategies, fixed-income management, and international investment vehicles. Although its heritage is strongly associated with U.S. growth investing, the business has expanded across global equities, bonds, multi-asset portfolios, retirement solutions, and other investment strategies. T. Rowe Price began as a small Baltimore wealth-management practice and launched its first mutual fund, the T. Rowe Price Growth Stock Fund, in 1950. The New Horizons Fund followed in 1960 and became an important expression of the firm’s willingness to invest in emerging growth companies, including technology businesses. The company later broadened its offering through fixed-income capabilities, retirement-plan services, international offices, partnerships, and funds domiciled for non-U.S. investors. The firm completed its initial public offering in 1986 and trades on Nasdaq under the symbol TROW. It became an S&P 500 constituent in 1999 and is also included in the Nasdaq Financial-100. T. Rowe Price has maintained a strategic preference for active management, even as passive funds and index products have grown across the industry. Its stated investment identity rests on fundamental research, portfolio-manager autonomy, long-term analysis, and risk awareness rather than on a single product category. The company’s corporate identity includes a bighorn-sheep mascot known internally as Trusty. In 2024, T. Rowe Price became the first jersey sponsor of the Baltimore Orioles, linking the brand to its Baltimore roots. In March 2025, the firm moved its global headquarters to 1307 Point Street in Baltimore. The company operates internationally through a network of offices and serves clients in numerous countries, while remaining an independent publicly owned asset manager rather than a bank-owned investment subsidiary.

History

Thomas Rowe Price Jr. founded T. Rowe Price & Associates in Baltimore in 1937 after working as a researcher and account manager at local brokerage firms. He objected to sales-driven business models and established a practice based on fiduciary service, asset-based fees, and investment in growth companies. The firm initially managed private accounts for Baltimore-area families and operated through the difficult economic conditions of the Depression and the Second World War. By 1950, the firm’s expanding clientele made individualized management increasingly difficult. It incorporated and introduced the T. Rowe Price Growth Stock Fund, its first mutual fund. The product institutionalized Price’s growth-investing philosophy and gave a broader group of investors access to the firm’s research. In 1960, the company launched the New Horizons Fund, which concentrated on growth opportunities and included investments in emerging technology companies such as Xerox, IBM, and Boeing. The business moved to One Charles Center in 1962. Price stepped down as president in 1963 and gradually sold his ownership, although he remained influential for several years. He supported the launch of the New Era Fund in 1969, reflecting his concern that inflation would become a defining economic issue in the following decade. Price retired fully in 1971, the same year the company established its Fixed Income Division and began diversifying beyond equity growth strategies. During the 1970s and early 1980s, T. Rowe Price expanded more assertively. It moved its headquarters to 100 East Pratt Street, opened international offices, and in 1979 formed Rowe Price-Fleming International with British asset manager Robert Fleming & Co. The venture gave the firm a stronger international platform and eventually became a wholly owned T. Rowe Price operation. The company went public in 1986 and opened a Hong Kong office in 1987, followed by further research and client-service locations. In the 1990s, T. Rowe Price added Retirement Plan Services and expanded its fund range, including through selected acquisitions of mutual-fund assets. In 1999, it formed an asset-management partnership in Japan involving Sumitomo Bank and Daiwa Securities and acquired full ownership of Rowe Price-Fleming International, renaming it T. Rowe Price International. The firm also joined the S&P 500 in 1999. Its relatively cautious exposure to highly speculative internet stocks attracted attention before the 2000 technology-market collapse. The company launched T. Rowe Price Funds SICAV in Luxembourg in 2001 for non-U.S. institutional investors and intermediaries, and introduced target-date retirement funds in 2003. In 2010, it acquired a significant interest in Unit Trust of India, supporting its international expansion. Further offices opened in markets including Madrid, Dubai, Stockholm, and Sydney. From 2010 onward, the firm grew its global asset-management platform while retaining an active-management orientation. It offers retail, intermediary, institutional, retirement, and international products, and has continued to invest in fundamental research and portfolio-management capabilities. Its bighorn-sheep logo, introduced in corporate form in 1983, became a prominent part of the brand. The company announced a Baltimore Orioles jersey sponsorship in 2024 and moved to a new global headquarters at 1307 Point Street in March 2025.

2025
Global headquarters relocated
[1]T. Rowe Priceen.wikipedia.org
The firm moved its Baltimore headquarters to 1307 Point Street.
2024
Baltimore Orioles sponsorship announced
[1]T. Rowe Priceen.wikipedia.org
The company became the Orioles’ first jersey sponsor, placing its Trusty mark on the team’s sleeve.
2003
Target-date funds introduced
[1]T. Rowe Priceen.wikipedia.org
T. Rowe Price expanded its retirement-investment offering with target-date strategies.
2001
Luxembourg SICAV launched
[1]T. Rowe Priceen.wikipedia.org
The firm created an international fund vehicle for non-U.S. institutions and financial intermediaries.
1999
Added to the S&P 500
[1]T. Rowe Priceen.wikipedia.org
The company became a constituent of the S&P 500 Index.
1986
Initial public offering
[1]T. Rowe Priceen.wikipedia.org
T. Rowe Price became a publicly traded company on Nasdaq.
1979
Rowe Price-Fleming International formed
[1]T. Rowe Priceen.wikipedia.org
A joint venture with Robert Fleming & Co. created an international investment platform.
1971
Fixed Income Division established
[1]T. Rowe Priceen.wikipedia.org
The company began building a formal fixed-income capability and broadening its investment range.
1960
New Horizons Fund introduced
[1]T. Rowe Priceen.wikipedia.org
The fund focused on growth opportunities and emerging technology companies.
1950
First mutual fund launched
[1]T. Rowe Priceen.wikipedia.org
The firm introduced the T. Rowe Price Growth Stock Fund, extending its growth-investing approach to mutual-fund investors.
1937
Firm founded in Baltimore
[1]T. Rowe Priceen.wikipedia.org
Thomas Rowe Price Jr. established T. Rowe Price & Associates as an independent investment-management practice.

Products and positioning

Research-driven active asset management with a long-term investment horizon, strong growth-investing heritage, and services spanning retail, retirement, intermediary, and institutional clients.

Mutual fund · 1950
T. Rowe Price Growth Stock Fund
Launched in 1950, this was the company’s first mutual fund and a direct expression of Thomas Rowe Price Jr.’s growth-stock philosophy. It helped transform the firm from a private-account manager into a fund-management business serving a broader investor base.
Mutual fund · 1960
T. Rowe Price New Horizons Fund
Introduced in 1960, New Horizons was designed to pursue growth opportunities among developing companies. Its historical portfolio included technology businesses and reflected the firm’s interest in identifying companies with substantial long-term expansion potential.
Mutual fund
T. Rowe Price Blue Chip Growth Fund
An equity strategy focused on established companies with durable competitive characteristics and long-term growth prospects. It represents the firm’s continuing use of fundamental research and active security selection in large-cap growth investing.
Mutual fund
T. Rowe Price Equity Income Fund
An actively managed equity offering oriented toward companies that combine income potential with equity-market participation. It illustrates the firm’s broader range beyond pure growth strategies.
Retirement investment product · 2003
Target-date retirement funds
Introduced by the firm in 2003, target-date funds provide diversified portfolios that are designed to adjust their asset allocation as an investor approaches a selected retirement year.

Controversies

2022
T. Rowe Price settles 401(k) lawsuit
T. Rowe Price agreed to settle a 2017 lawsuit alleging that it profited excessively from workers’ investments in its 401(k) plan. The settlement totals $7 million and requires the plan to add a brokerage window. The company said it continued to believe in the strength of its case.
Source

2024Baltimore Orioles jersey sponsorship
United States
T. Rowe Price became the first jersey sponsor of the Baltimore Orioles. The sleeve patch uses the company’s dark-blue, aqua, and white identity and features Trusty, its bighorn-sheep mascot.
Outcome. Sponsorship launched during a 2024 Orioles home game and increased the brand’s visibility in its Baltimore home market.
Source

Brand decisions

2019
Continue prioritizing active managementStrategy
Background
The investment industry was experiencing rapid growth in passive funds and index products, creating pressure for traditional active managers to change their strategic mix.
Action taken
T. Rowe Price chose to retain active management as the core of its business rather than make a major strategic move into passive investing.
Aftermath
The decision reinforced the company’s traditional identity as a research-led active manager, while its product range continued to include multiple investment formats.
Source
2003
Launch target-date retirement fundsProduct launch
Background
Retirement-plan investors increasingly needed diversified portfolios that could be aligned with an expected retirement date.
Action taken
The firm introduced target-date funds as part of its retirement-investment offering.
Aftermath
Target-date strategies became part of the company’s broader retirement-plan and individual-investor product platform.
Source
1979
Create international investment joint ventureM&A
Background
The firm sought to expand its international capabilities and distribution reach beyond the United States.
Action taken
T. Rowe Price formed Rowe Price-Fleming International with Robert Fleming & Co.
Aftermath
The venture became a major international platform and was later acquired fully by T. Rowe Price and renamed T. Rowe Price International.
Source

Recent events

2026-09-30
ElevenLabs announces $300 million employee tender offer at $22 billion valuation[4]ElevenLabs 宣布3亿美元员工股份收购要约，估值达220亿美元techcrunch.com
Reported: 2026-09-30
Voice AI startup ElevenLabs announced it is allowing employees to cash out a portion of their vested equity through a $300 million tender offer at a $22 billion valuation, double the $11 billion valuation the company reached with its February $500 million raise. The tender offer transaction was co-led by Wellington and T. Rowe Price.
2026-08-20
T. Rowe Price to acquire F/m Investments[5]普信集团宣布收购F/m Investmentsai-cio.com
Reported: 2026-08-21
T. Rowe Price Group Inc. announced it will acquire F/m Investments LLC, a fixed-income asset manager and ETF specialist with approximately $19 billion in assets under management as of July 31. The deal is expected to close in early 2027; financial terms were not disclosed. F/m will retain its brand, leadership and operating model and operate as "F/m Investments, a T. Rowe Price Company."
Unconfirmed
T. Rowe Price settles 401(k) lawsuit[3]T. Rowe Price settles 401(k) lawsuitinvestmentnews.com
Reported: 2022-01-11
T. Rowe Price agreed to settle a 2017 lawsuit alleging that it profited excessively from workers’ investments in its 401(k) plan. The settlement totals $7 million and requires the plan to add a brokerage window. The company said it continued to believe in the strength of its case.
2022-01-04
DNA Script completes $200 million Series C financing[6]DNA Script完成2亿美元C轮融资finanznachrichten.de
Reported: 2022-01-04
DNA Script announced completion of its Series C financing, raising $200 million of new capital. The proceeds will be used to advance its SYNTAX Platform.
2021-12-29
T. Rowe Price completes acquisition of Oak Hill Advisors[7]T. Rowe Price 完成对 Oak Hill Advisors 的收购prnewswire.com
Reported: 2021-12-29
T. Rowe Price Group announced that it had completed its acquisition of Oak Hill Advisors. Oak Hill Advisors will operate as a standalone business within T. Rowe Price.
2021-09-13
CAPTRUST launches Direct Fiduciary retirement solution[8]CAPTRUST 推出 Direct Fiduciary 退休计划解决方案prnewswire.com
Reported: 2021-09-13
CAPTRUST announced the launch of Direct Fiduciary, a retirement-plan solution for small companies developed in collaboration with T. Rowe Price and National Benefit Services. CAPTRUST provides investment management and advice; National Benefit Services handles administration, and T. Rowe Price serves as recordkeeper.
2021-07-29
T. Rowe Price announces CEO succession plan[9]T. Rowe Price宣布首席执行官继任计划prnewswire.com
Reported: 2021-07-29
T. Rowe Price announced that Bill Stromberg would retire as CEO on December 31, 2021, and that Rob Sharps would succeed him effective January 1, 2022.
2021-06-09
T. Rowe Price launches U.S. Equity Research ETF[10]T. Rowe Price推出美国股票研究ETFprnewswire.com
Reported: 2021-06-09
T. Rowe Price announced its U.S. Equity Research ETF, which became available to the public that day and began trading on NYSE Arca.
2021-05-26
Clear Labs secures $60 million Series C funding[11]Clear Labs获得6,000万美元C轮融资prweb.com
Reported: 2021-05-26
Clear Labs secured $60 million in Series C funding. The announcement said the financing would help broaden the availability of its solutions.
Unconfirmed
ABL Space Systems closes $170 million Series B funding round[12]ABL Space Systems完成1.7亿美元B轮融资satellitetoday.com
Reported: 2021-03-26
ABL Space Systems closed a $170 million Series B funding round led by funds and accounts advised by T. Rowe Price Associates, Inc.; existing investors participated and Fidelity Management & Research LLC and an unnamed global investment management firm joined as new investors.

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