T. Rowe Price Group Inc (NASDAQ: TROW) is an investment management company that provides active investment strategies across a broad range of asset classes to institutional and individual clients globally. Revenue is generated primarily through investment advisory fees calculated as a percentage of assets under management, meaning fee income rises and falls with market values and net client flows. The firm distributes its strategies through U.S. mutual funds, collective investment trusts, exchange-traded funds, subadvised funds, separately managed accounts, affiliated private investment funds, business development companies, interval funds, collateralized loan obligations, and variable annuity products, as well as open-ended products offered to investors outside the U.S. The investment management industry faces structural pressure from the ongoing shift from active to passive strategies and persistent fee compression, trends the firm acknowledges in its FY2025 10-K filed February 13, 2026. T. Rowe Price is headquartered in Baltimore, Maryland and has been publicly traded since its initial public offering.

Revenue model

Investment advisory fees tied to assets under management across mutual funds, collective investment trusts, ETFs, separately managed accounts, subadvised funds, and other sponsored vehicles. Fee income fluctuates directly with AUM levels, which are driven by market performance and net client flows.

Products and services

U.S. mutual funds, collective investment trusts, exchange-traded funds, subadvised funds, separately managed accounts, open-ended funds for non-U.S. investors, variable annuity investment products, affiliated private investment funds, business development companies, interval funds, CLOs, and model portfolios. All strategies are actively managed.

Customers and end markets

Institutional investors and individual investors globally, served through direct and intermediary distribution channels. Variable annuity life insurance plan participants in the U.S. are also an end market. The filing does not disclose customer concentration metrics.

Value-chain role

Asset manager and investment adviser. Sits between capital markets and end investors, constructing and managing active investment portfolios and distributing them through multiple fund and account structures.

Geographic exposure

Global distribution with U.S.-domiciled products as the primary vehicle and separately offered open-ended products for investors outside the U.S. Specific revenue breakdown by geography is not provided in the available filing excerpts.

Source: SEC 10-K, filed 2026-02-13

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