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t rowe price group inc (TROW) Key Developments

T. Rowe Price Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Capital Expenditure and Tax Rate Guidance for the Full Year 2015

T. Rowe Price Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net revenues of $1.0 billion, net income of $315.9 million, and diluted earnings per common share of $1.18. On a comparable basis, net revenues were $929.8 million, net income was $287.7 million, and diluted earnings per common share was $1.06 in the fourth quarter of 2013. Net operating income was $480.0 million compared to $440.1 million a year ago. Income before income taxes were $518.8 million compared to $471.8 million a year ago. For the year, the company reported net revenues of $3,982.1 million compared to $3,484.2 million a year ago. Net operating income was $1,890.9 million compared to $1,637.4 million a year ago. Income before income taxes were $2,003.1 million compared to $1,700.4 million a year ago. Net income was $1,229.6 million compared to $1,047.7 million a year ago. Diluted earnings per share were $4.55 compared to $3.90 a year ago. The firm currently estimates that its effective rate for the full-year 2015 will be about 38.5%. The firm currently expects total capital expenditures for facilities, equipment, and technology development for 2015 to be up to $175 million, which will be funded from operating resources.

T. Rowe Price Group, Inc. Announces Executive Changes

T. Rowe Price Group Inc. is promoting from within as the head of one of its major teams resigns and heads west. Michael Gitlin, the head of Fixed Income at T. Rowe resigned effective Jan. 23, 2015. He is leaving for a combination of personal and professional reasons. Professionally, Gitlin is moving to Los Angeles, the home of private money management firm The Capital Group. He plans to join that company in the spring as its head of Fixed Income. T. Rowe will make Edward "Ted" Wiese its new head of Fixed Income to replace Gitlin. Wiese, who has worked at the Baltimore money manager for 30 years, was the head of its U.S. Taxable Low Duration team and portfolio manager of its U.S. Short-Term Bond Strategy. He will also join T. Rowe's management committee and report directly to its CEO, James A.C. Kennedy.

T. Rowe Price Launches Two Canadian Pooled Investment Vehicles

T. Rowe Price announced the launch of two pooled vehicles for institutional investors in Canada that are based on the company's Global Growth Equity and International Core Equity strategies. These are the first pooled vehicles that T. Rowe Price has introduced in Canada. Both the Global Growth Equity and the International Core Equity strategies have been available in the separate account format to Canadian institutional investors, but this launch makes them available to investors who prefer a pooled vehicle. T. Rowe Price's new pooled vehicles will have a minimum account size of $5 million and will be available to all Canadian defined benefit and defined contribution plans. Global Growth Equity Pooled Vehicle Details: The objective is to seek long-term growth of capital through investments in the common stocks of large- and mid-cap companies throughout the world, including those domiciled both in developed and emerging markets. The strategy relies on T. Rowe Price's global research platform to identify companies with superior and sustainable growth prospects and improving fundamentals. It will typically hold approximately 130-140 stocks. Macroeconomic and local market factors are integrated into the stock selection process; stock valuations are measured against both the local market and the broader opportunity set. The strategy is managed by Scott Berg, who has 12 years of investment experience at T. Rowe Price. International Core Equity Pooled Vehicle Details: The objective is to seek long-term growth of capital through investments primarily in the common stocks of non-U.S. companies in developed countries. The strategy emphasizes companies with a favorable combination of growth prospects and attractive valuations. It will typically hold between 140-180 stocks. The macroeconomic environment and the attractiveness of individual investments lead to stock, country, and sector allocations. The strategy is managed by Ray Mills, who has 17 years of investment experience at T. Rowe Price.

SBI To Acquire UTI Mutual Fund

State Bank of India (BSE:500112) has initiated a process to acquire UTI Mutual Fund and merge it with SBI Mutual Fund, three people familiar with the plans told Economic Times. The sources added, the proposal was in early stages and SBI had given a detailed representation to the finance ministry. "There has been some preliminary discussion," said one of the sources, a senior government official, without giving details. SBI already owns 18.5% in UTI Mutual Fund. Punjab National Bank (BSE:532461), Bank of Baroda (BSE:532134), and Life Insurance Corporation of India also own 18.5% each and T. Rowe Price Group, Inc. (NasdaqGS:TROW) owns 26% stake in UTI. Arundhati Bhattacharya, Chairman of SBI declined comment. Officials at UTI could not be immediately reached for comment.

T. Rowe Price Group, Inc.(NasdaqGS:TROW) added to S&P 500 Value Index

T. Rowe Price Group, Inc.(NasdaqGS:TROW) added to S&P 500 Value Index

 

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