Firm reinforces commitment to supporting the needs of
retirement clients
BALTIMORE, Jan. 9, 2024
/PRNewswire/ -- T. Rowe Price, a
global investment management firm and a leader in retirement, has
announced the formation of a new team whose focus will be on
deepening the firm's engagement with retirement clients, and
leading an enterprise-level strategy that coordinates retirement
initiatives, research, and expertise globally. Additionally, the
group will advise on the development of new products and services
and will help amplify the firm's voice in the public policy
discussions on legislative and regulatory proposals.
The Global Retirement Strategy Team is led by Michael Davis, who has been the head of defined
contribution specialists in T. Rowe
Price's Americas institutional business for the last several
years. Davis joined T. Rowe
Price in 2016 and has held senior-level positions in the
retirement industry throughout his career, including deputy
assistant secretary in the U.S. Department of Labor. He is also on
the executive committee for the DC Institutional Investment
Association and the advisory board for the Aspen Institute Forum on
Retirement Savings. Davis is a member of the firm's Global
Distribution Executive team and reports to Dee Sawyer, head of Global Distribution for T.
Rowe Price and a member of the
firm's Management Committee.
"T. Rowe Price has been a leading
provider of retirement services for decades," Davis said. "The
formation of this team will allow us to better coordinate the work
we conduct firm-wide on behalf of our clients, and it's
particularly significant given the rapid evolution of the industry
due to technological innovation, shifting demographics, and
changing market conditions. And importantly, it will enhance our
ability to more effectively advocate for public policy positions to
benefit plan sponsors, advisors, and investors. Retirement is the
number one investment goal for most investors, and it's a hugely
valuable aspect of our business."
Approximately two-thirds of T. Rowe
Price's assets under management are in retirement and
retirement related accounts. The firm is a leading provider of
investment and recordkeeping services to retirement plan sponsors,
advisors, and plan participants, and T. Rowe Price's target date franchise represents
more than a quarter of the firm's assets under management.
The firm has taken meaningful steps to align retirement research
and thought leadership and expand delivery of innovation in
retirement across the firm. In September
2022, the firm added a dedicated expert in retirement public
policy issues to its government affairs team, and in April 2023, T. Rowe
Price acquired a leading retirement income fintech firm,
Retiree Inc. to further innovation in retirement income. The new
Global Retirement Strategy Team will bring the full weight of the
firm's resources, expertise, and product innovations to better
serve clients and the industry.
"The creation of this new team reflects T. Rowe Price's ongoing commitment to its
retirement business and its dedication to providing best-in-class
retirement insights and resources to our clients," Sawyer said. "It
brings together top talent with deep experience across all aspects
of the retirement ecosystem. We are excited that Michael will
leverage his proven track record as a visible industry leader and a
champion for the needs of workers and retirees in this new
way."
ABOUT T. ROWE
PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around
the world achieve their long-term investment goals. As a large
global asset management company known for investment excellence,
retirement leadership, and independent proprietary research, the
firm is built on a culture of integrity that puts client interests
first. Investors rely on the award-winning firm for its retirement
expertise and active management approach of equity, fixed income,
alternatives, and multi-asset investment capabilities.
T. Rowe Price manages
USD$1.39 trillion in assets
under management as of November 30,
2023, and serves millions of clients globally. News and
other updates can be found on Facebook,
Instagram, LinkedIn, X, YouTube,
and troweprice.com/newsroom.
202312-3300703
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SOURCE T. Rowe Price Associates, Inc.