T. Rowe Price
T. Rowe Price Group is an American publicly owned global investment management firm that offers funds, advisory services, account management, and retirement plans and services for individuals, institutions, and financial intermediaries. The firm, with assets under management of more than $1.3 trillion at the end of 2019, is headquartered at 100 East Pratt Street in Baltimore, Maryland, and its 16 international offices serve clients in 47 countries around the world.[1]
It was founded in 1937 by Thomas Rowe Price, Jr. who is best known for developing the growth stock philosophy of investing. As of 2019, the company is focused on active management after strategically deciding against a major initiative in passive investment.[2]
Commitment to fighting racial injustice
The head of T. Rowe Price's nonprofit arm has focused on fighting racial justice since joining the foundation in 2015 during Baltimore's civil unrest following the death of Freddie Gray.[3] After the unrest in Baltimore, the T. Rowe Price Foundation made its largest-ever single pledge, $1.3 million over three years in West Baltimore, for a group of initiatives aimed at strengthening organizational leadership, improving financial education and increasing access to fresh produce.[4]
Bill Stromberg, President and CEO of T. Rowe Price, issued a public statement on June 4 2020 that reflects their commitment to fighting racial injustice. In addition to the T. Rowe Price Foundation committing $2 million to organizations working to fight racial injustice, the matching gift program is available to employees who are interested in financially supporting racial equity causes.
To ensure the cultural conversation continues, the firm has held dozens of Diversity Dialogues across the company. These sessions are facilitated by thought leaders and experts in diversity and inclusion and provide employees with a safe space to speak candidly about their experiences to leadership and colleagues. This comes on the heels of T. Rowe Price evolving its business resource group, MOSAIC, which helps drive multicultural awareness at the firm, into three heritage communities – Black/African American, Latinx, and Asian – to promote an even greater sense of belonging. T. Rowe Price is encouraging employees to tap into resources available on TRPConnects, an internal social media site which offers mental health and wellness information, personal accounts and stories from colleagues about their experiences with racism, and educational resources on systemic racism."[5]
References
- ↑ US SEC: Form 10-K T. Rowe Price Group, Inc. sec.gov. Retrieved Feb 2, 2021.
- ↑ T. Rowe Price has a $1 trillion answer to claims stock-picking is dead. Dec 26, 2019. investmentnews.com. Retrieved Feb 2, 2021.
- ↑ Wilen, Holden. How T. Rowe Price is fighting systemic racism and what other companies can do to help June 8, 2020. bizjournals.com. Retrieved Feb 2, 2021.
- ↑ Lennetta, Jessica. T. Rowe Price commits $2 million to fighting racial injustice. June 18, 2020. bizjournals.com. Retrieved Feb 2, 2021.
- ↑ Plumhoff, Katherine. How 15 Companies Are Working to Be Anti-Racist. August 24, 2020. powertofly.com. Retrieved Feb 2, 2021.