Finance
T. Rowe Price, Ares-Backed Insurer Strike Asset-Management Deal
Asset managers and life insurers have deepened their ties in recent years.
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T. Rowe Price Group Inc. entered into an asset-management partnership with Aspida Holdings, a life insurance and annuity provider that’s also backed by alternative-investment firm Ares Management Corp.
The money manager and its alternative credit unit, Oak Hill Advisors, are expected to oversee some of Aspida’s public and private assets, according to a statement Monday. The firms will also explore developing new products together.