T. Rowe Price

What T. Rowe Price does

T. Rowe Price Group, Inc. (NASDAQ: TROW) is a publicly traded asset management firm founded in 1937 and headquartered in Baltimore, Maryland, with 7,773 associates and $1.89 trillion in assets under management as of June 30, 2026. The firm operates through primary subsidiaries including T. Rowe Price Associates, T. Rowe Price Investment Services, and T. Rowe Price Investment Management, and serves clients in 60 countries. Its business model is anchored in AUM-based management fees on a diversified product suite spanning equity ($919B), fixed income ($222B), multi-asset ($690B), and alternatives ($62B), with retirement assets representing 67% of total AUM.

The product platform covers actively managed mutual funds, a 30+ fund active ETF lineup (including the Capital Appreciation Equity ETF/TCAF with $5.5B in net inflows and the newly launched TKNZ multi-token spot crypto ETF), workplace retirement plan recordkeeping featuring the proprietary Confidence Number readiness scoring tool, and a financial advisory services business. Distribution runs through four channels: institutional/consultant sales, financial advisor and intermediary platforms (including Envestnet and a Vanguard subadvisory relationship for three equity funds), workplace retirement plan sponsors, and direct-to-consumer personal investing.

Underlying technology is centered on The Lab @ T. Rowe Price innovation hub, a proprietary digital asset trading infrastructure supporting multi-token crypto ETF management, and integrations such as Bloomberg's Pre-Trade TCA API. The firm has expanded its alternatives capabilities through the 2021 acquisition of Oak Hill Advisors (up to $4.2B) and its retirement technology through the 2023 acquisition of Retiree, Inc. Revenue is generated primarily through recurring percentage-of-AUM fees (subscription model), with mutual fund fees ranging from approximately 0.31% to 0.90%, ETF expense ratios from 0.31% to 0.90%, and disclosed FY2025 revenue of $7.31 billion.

Name

T. Rowe Price

Legal name

T. Rowe Price Group, Inc.

Website

http://www.troweprice.com

Company type

Public

Founded year

1937

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

T. Rowe Price is a publicly traded asset manager (NASDAQ: TROW) managing $1.89 trillion across active mutual funds, ETFs, alternatives, and retirement plans for institutional, advisor, retirement, and individual clients in 60 countries.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Large-Cap Equity (Active) (FSAAAIAA)

akta.pro secondary industries

Multi-Asset & Allocation ETFs (Balanced, Target Risk) (FSAAAFAF), Index Mutual Funds (Non-ETF) (FSAAAEAE), Private Client/High-Net-Worth Advisory (FSAEAAAN)

Keywords

• Asset management
• Mutual fund investing
• Exchange traded funds
• Retirement plan services
• Investment advisory

Headquarters

HQ city

Baltimore

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Advisory Fees: Fees calculated as a percentage of assets under management across mutual funds, ETFs, and separate accounts. Revenue directly correlated with AUM levels and market valuations.
2. Mutual Fund Management Fees: Annual management fees charged to mutual fund shareholders, ranging from approximately 0.31% to 0.90% depending on fund strategy and share class.
3. ETF Management Fees: Expense ratios charged on ETF products including the Active Crypto ETF (TKNZ) at 0.75% (waived through May 2027, then 0.90%) and Capital Appreciation Equity ETF (TCAF) at 0.31%.
4. Retirement Plan Services: Record-keeping and administrative services for workplace retirement plans including 401(k) plans, generating fees from plan assets and participant accounts.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels6 records

Core offering

T. Rowe Price is a global investment management firm that provides actively managed mutual funds, exchange-traded funds (ETFs), separate accounts, retirement plan administration, and financial advisory services to individual and institutional investors. The firm manages $1.89 trillion in client assets across equity, fixed income, multi-asset, and alternatives strategies, and serves clients in 60 countries.

Product overview

T. Rowe Price is a diversified asset management company offering a comprehensive suite of investment products and financial services. The firm operates as a platform-plus-products architecture, providing: (1) actively managed ETFs across equity (domestic and international), fixed income, and specialty sectors; (2) mutual funds spanning growth, value, blend, sector, international, and asset allocation categories; (3) retirement services including workplace plan administration and personal retirement accounts; and (4) advisory services for individual investors. The core platform includes The Lab innovation hub developing proprietary AI and trading infrastructure. Key ETF products include the Capital Appreciation Equity ETF (TCAF), Blue Chip Growth ETF (TCHP), Health Care ETF (TMED), Ultra Short-Term Bond ETF (TBUX), and the recently launched T. Rowe Price Active Crypto ETF (TKNZ) offering multi-token cryptocurrency exposure. The firm manages $1.89 trillion in total assets under management across 60 countries.

Differentiator

Problem solved

Functional benefit

Brands

• Invest With Confidence: Company tagline and brand positioning used across marketing materials and the firm website.
• The Angle
• The Lab @ T. Rowe Price
• Confidence Number

Products and services

• Mutual Funds
• T. Rowe Price Active Crypto ETF (TKNZ)
• Capital Appreciation Equity ETF (TCAF)
• Blue Chip Growth ETF (TCHP)
• Growth ETF (TGRT)
• Technology ETF (TTEQ)
• Health Care ETF (TMED)
• Ultra Short-Term Bond ETF (TBUX)
• U.S. High Yield ETF (THYF)
• International Equity ETF (TOUS)
• Global Equity ETF (TGLB)
• Dividend Growth ETF (TDVG)
• Small-Mid Cap ETF (TMSL)
• Capital Appreciation Premium Income ETF (TCAL)
• Retirement Plan Services

Quantifiable outcome

• Grew fee-bearing assets from $1.3 trillion to $1.7 trillion between mid-2022 and Q1 2026
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability9 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered core.

• VestmarkcoreGTM or Marketing Partner · 3 July 2026Strategic referral partnership where T. Rowe Price refers advisors to Vestmark's TAMP platform. Vestmark grew RIA AUM to $50 billion from $10 billion in 18 months through partnerships with BlackRock, T. Rowe Price, Capital Group, and VanEck.
• VanguardcoreChannel Partner/ Reseller/ Distributor · 29 June 2026T. Rowe Price became subadvisor for three Vanguard equity funds (Explorer Fund, VVIF Small Company Growth Portfolio, and Growth and Income Fund) following Vanguard's quantitative subadvisor underperformance. Fee increases from 0.39% to 0.40% for Investor Shares and 0.28% to 0.29% for Admiral Shares. T. Rowe Price seeks to stop five consecutive years of net outflows totaling $272 billion.
• Anchorage DigitalcoreTechnology or Integration · 12 June 2026Anchorage Digital serves as custodian for T. Rowe Price Active Crypto ETF (TKNZ), providing institutional-grade digital asset custody services for the spot cryptocurrency ETF.
• Blue TractorcoreTechnology or Integration · 12 June 2026T. Rowe Price partnered with Blue Tractor to launch the industry's first actively managed multi-token spot crypto ETF (TKNZ), utilizing Blue Tractor's proprietary technology for crypto portfolio management.
• Goldman SachscoreStrategic or Co-development Partner · 31 December 2024Strategic partnership for retirement-focused alternative investment products targeting the $9 trillion 401(k) market. Goldman Sachs committing up to $1 billion in T. Rowe Price and leveraging T. Rowe's $1.6 trillion in AUM. Products targeted for placement on 401(k) plan menus by end of 2024.
• Oak Hill AdvisorscoreStrategic or Co-development PartnerAcquired in October 2021 for up to $4.2 billion. OHA operates as a standalone business enhancing T. Rowe Price's alternative credit capabilities. Completed in December 2021.
• Retiree, Inc.coreStrategic or Co-development PartnerAcquired fintech specializing in retirement income planning software to expand T. Rowe Price's retirement capabilities. Deal completed in April 2023 with no disclosed terms; Retiree employees joined T. Rowe Price.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• BlackRock: BlackRock is the world's largest asset manager with ~$10T AUM, directly competing with T. Rowe Price in active equity, ETFs (iShares), and increasingly in private market and alternative credit products. Both firms target institutional and retail investors with overlapping product suites and distribution channels.
• Vanguard: Vanguard is the leading mutual fund and ETF provider and T. Rowe Price's largest distribution counterpart via the new subadvisory relationship for three Vanguard funds. Vanguard's index-oriented focus contrasts with T. Rowe Price's active management style, but they directly compete for the same retirement and retail investor dollars.
• Fidelity Investments: Fidelity is a direct competitor offering mutual funds, ETFs, workplace retirement recordkeeping, and active management. Fidelity also operates a major crypto trading platform and recently launched crypto ETFs, making it a natural competitor in both traditional and digital asset products.
• Franklin Templeton: Franklin Templeton is a global active asset manager with comparable offerings in mutual funds, ETFs (including active ETFs like EZPZ), and alternatives. The firm has a similar active-management heritage and is pursuing comparable product diversification including digital asset ETFs.
• Invesco: Invesco is a global investment management firm with substantial overlap in active ETFs (QQQ, QQQM), mutual funds, and retirement solutions. Invesco's active ETF lineup and QQQ franchise directly compete with T. Rowe Price's growing active ETF business.
• Capital Group: Capital Group is one of the largest active equity managers (American Funds) and a direct competitor in active management, mutual funds, and retirement plans. The two firms share similar institutional and retirement distribution models and active management philosophies.
• AllianceBernstein: AllianceBernstein is a publicly traded active asset manager with comparable fixed income, equity, and multi-asset offerings. Its institutional focus, active equity franchise, and mutual fund/ETF product suite make it a closely comparable peer in active management.

Broad incumbents

• JPMorgan Asset Management: JPMorgan Asset Management is the asset management arm of JPMorgan Chase, offering active and passive funds, ETFs, alternatives, and retirement services. As part of a larger financial services conglomerate, it operates a broader portfolio but directly competes for institutional and retail mandates.
• Goldman Sachs Asset Management: Goldman Sachs Asset Management is a strategic partner with T. Rowe Price for retirement-focused alternatives and is also a direct competitor in private credit, alternatives, and active equity. GSAM brings institutional scale and alternatives expertise to overlapping client segments.

Emerging players

• Dimensional Fund Advisors: Dimensional Fund Advisors is an active asset manager with a systematic/research-driven approach similar in spirit to T. Rowe Price's active philosophy. Both serve advisors and institutional clients with factor-based and active strategies, though Dimensional is privately held and growing aggressively.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/troweprice
• YouTubeyoutube.com/trowepricegroup
• Facebookfacebook.com/troweprice
• LinkedInlinkedin.com/company/t--rowe-price
• Instagraminstagram.com/t._rowe_price

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments488 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about T. Rowe Price