Press release
T. ROWE PRICE COMPLETES ACQUISITION OF OAK HILL ADVISORS
Enhances Company's Position as a Leading Provider of Alternative Credit to Investors BALTIMORE, Dec. 29, 2021 /PRNewswire/ -- T. Rowe Price Group, Inc.
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"Enhances Company's Position as a Leading Provider of Alternative Credit to Investors\n\n\nBALTIMORE, Dec. 29, 2021 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), today announced it has completed its acquisition of Oak Hill Advisors, L.P. (OHA), a leading alternative credit manager. The acquisition, which was announced on October 28, 2021, accelerates T. Rowe Price's expansion into alternative credit markets, complementing its existing global platform and ongoing strategic investments in its core investments and distribution capabilities.\n\"We are very pleased to reach today's milestone and to welcome the talented OHA team to T. Rowe Price,\" said Rob Sharps, T. Rowe Price president, head of Investments, group chief investment officer, and incoming chief executive officer. \"This acquisition allows us to broaden our private markets business and add new capabilities in an area of tremendous client interest and growth.\"\nGlenn August, founder and chief executive officer of OHA, said, \"T. Rowe Price and OHA share common values and a commitment to delivering outstanding investment performance and client service. Together, we have the ability to deliver even more value to our clients whom we expect to benefit from greater scale and a broader range of product offerings over time.\"\nWith the closing of the transaction, OHA will operate as a standalone business within T. Rowe Price, have autonomy over its investment process, and maintain its team and culture. Mr. August is continuing in his current role and, as planned, will join T. Rowe Price's Board of Directors and Management Committee, effective December 30, 2021. Mr. Sharps will also join T. Rowe Price's Board of Directors at that time.\nFor additional background on the acquisition, please read the announcement news release here.\nABOUT T. ROWE PRICE Founded in 1937, Baltimore-based T. Rowe Price (troweprice.com) is a global investment management organization with $1.63 trillion in assets under management as of November 30, 2021. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investm...