Press release
T. ROWE PRICE ESTABLISHES NEW TEAM TO AMPLIFY FOCUS ON RETIREMENT
Firm reinforces commitment to supporting the needs of retirement clients BALTIMORE, Jan. 9, 2024 /PRNewswire/ -- T. Rowe Price, a global investment management
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"Firm reinforces commitment to supporting the needs of retirement clients \nBALTIMORE, 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.\n\nThe 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.\n\"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.\"\nApproximately 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 ...