In the international market, asset manager T. Rowe Price
is trying to catch-up with its domestic competitors and is looking to hire more to its global analyst team.
Monday went in depth into the Baltimore fund firm's international aspirations, noting that the company will likely increase its 133 person-large foreign-based global analyst team by twelve this year.
T. Rowe has only been selling funds abroad itself since 2000, when it bought out of a partnership with British asset manager Robert Flemming
. The company feels that it is leveling the playing field with firms like Fidelity Investments
, yet is still lagging BlackRock
, JPMorgan Asset Management
and Franklin Templeton
"In 2000 we had no clients outside the U.S., and now 12 percent of our assets under management come from outside the U.S.," CEO James Kennedy
told the publication.
So far this year, T. Rowe has made of number of large plays in the emerging markets space. For example, in January the company shelled out $142 million to purchase a 26 percent stake in UTI Asset Management
, India's fourth-largest money manager. And in February, T. Rowe built a partnership with Marbo Securities
, a Taiwanese financial consultant.
Stay ahead of the news ... Sign up for our email alerts now