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T. Rowe CEO Sharps Sees Outflows Persisting in Wake of Market Rout

  • Firm needs to ‘do a better job of execution,’ says CEO Sharps
  • Clients pulled $20 billion in first half, with more expected
In this photo illustration the T. Rowe Price Group logo seen

Photographer: SOPA Images/LightRocket/Getty Images

T. Rowe Price Group Inc. warned that client redemptions will probably continue with investors yanking money from US growth equity funds that have struggled during this year’s market rout.

The money manager “has been hit particularly hard” from the performance of its US stock funds as well as industry trends such as the shift toward cheaper exchange-traded funds, Chief Executive Officer Rob Sharps told analysts on a conference call Thursday.