T. Rowe Price
From Wikipedia, the free encyclopedia
| T. Rowe Price Group, Inc. | |
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| Type | Public (NASDAQ: TROW) |
| Founded | 1937 |
| Headquarters | Baltimore, MD |
| Key people | James A.C. Kennedy, President and CEO Kenneth V. Moreland, Chairman and CFO |
| Industry | Asset Management |
| Products | Financial Services Investment Banking |
| Revenue | ▲$2.22 Billion USD (2007) |
| Net income | ▲$670 Million USD (2007) |
| Employees | 5,081 (2007) |
| Website | www.troweprice.com |
T. Rowe Price (NASDAQ: TROW), is a publicly owned Investment firm, headquartered in Baltimore, Maryland. It was founded in 1937 by Thomas Rowe Price, Jr.. The company offers managed Investment portfolios for institutions, a broad range of mutual funds for individual investors, and a variety of "other services".
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[edit] History
Mr. Price, followed a very simple business principle: "What is good for the client is also good for the firm". Rather than charge a commission, as other securities business did at the time, Mr. Price charged a fee based on the assets under management. If the client prospered, so did T. Rowe Price.
T. Rowe Price’s approach recognizes that there is also a delicate balance between risk and reward and carefully weighs the potential reward against the potential risk of each investment. However, a risk-aware approach to investing has helped T. Rowe Price keep a collective eye on the long-term, pursuing opportunities when markets are trending down and sticking with sound fundamentals when they trend up.
Mr. Price is best known for developing the "growth stock" style of investing. Although he received a bachelor's degree in chemistry from Swarthmore College, his true passion in life was for investing. He, believed that investors could earn superior returns by investing in well-managed companies in Fertile fields whose earnings and dividends could be expected to grow faster than inflation and the overall economy. The core of Mr. Price’s approach, of investment and diversification, still remain part of the firm’s overall principles.
[edit] Modern Times
As of January 1, 2008, T. Rowe Price had over $400.8 billion under management, and was ranked one of the "top twenty" Investment firms in the world.[1]
Currently, there are over 5,000 people employed by T. Rowe Price around the world. It has over 30 'Domestic stock funds', and over 16 'International funds' available. Recently, however they have entered into the Investment Banking arena.
In early 2008, T. Rowe Price announced the addition of two new buildings, set to be up and running in 2009. These new buildings, located at their headquarters, will allow T. Rowe Price the opportunity to employ 1,400 new employees.
[edit] Conflicts
In 2008, T. Rowe Price "Retirement Plan Services" alerted and informed 35,000 Clients that their names and Social Security numbers were compromised in files on computers that were stolen, However, to deal with the crisis the company offered those affected a free one-year subscription to an online credit monitoring service and up to $25,000 of identity theft insurance, as well as tips on protection from identity theft.
