BALTIMORE, Jan. 28, 2016
/PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW)
today reported its fourth quarter of 2015 results, including net
revenues of nearly $1.1 billion, net
income of $303.2 million, and diluted
earnings per common share of $1.17.
On a comparable basis, net revenues were $1.0 billion, net income was $315.9 million, and diluted earnings per common
share was $1.18 in the fourth quarter
of 2014.
Financial Highlights
|
Three months
ended
|
|
Year ended
|
(in millions, except
per-share data)
|
12/31/2014
|
|
12/31/2015
|
|
% change
|
|
12/31/2014
|
|
12/31/2015
|
|
% change
|
Investment advisory
fees
|
$
|
892.1
|
|
|
$
|
926.0
|
|
|
4
|
%
|
|
$
|
3,464.5
|
|
|
$
|
3,687.3
|
|
|
6
|
%
|
Net
revenues
|
$
|
1,022.4
|
|
|
$
|
1,052.2
|
|
|
3
|
%
|
|
$
|
3,982.1
|
|
|
$
|
4,200.6
|
|
|
5
|
%
|
Operating
expenses
|
$
|
542.4
|
|
|
$
|
597.2
|
|
|
10
|
%
|
|
$
|
2,091.2
|
|
|
$
|
2,301.7
|
|
|
10
|
%
|
Net operating
income
|
$
|
480.0
|
|
|
$
|
455.0
|
|
|
(5)
|
%
|
|
$
|
1,890.9
|
|
|
$
|
1,898.9
|
|
|
—
|
%
|
Non-operating
investment income
|
$
|
38.8
|
|
|
$
|
43.4
|
|
|
12
|
%
|
|
$
|
112.2
|
|
|
$
|
103.5
|
|
|
(8)
|
%
|
Net income
|
$
|
315.9
|
|
|
$
|
303.2
|
|
|
(4)
|
%
|
|
$
|
1,229.6
|
|
|
$
|
1,223.0
|
|
|
(1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
1.18
|
|
|
$
|
1.17
|
|
|
(1)
|
%
|
|
$
|
4.55
|
|
|
$
|
4.63
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets under
management
(in billions)
|
$
|
740.2
|
|
|
$
|
765.7
|
|
|
3
|
%
|
|
$
|
724.7
|
|
|
$
|
767.9
|
|
|
6
|
%
|
Assets under management at December 31, 2015, were
$763.1 billion, an increase of
$37.6 billion from September 30,
2015, and $16.3 billion from the end
of 2014.
|
Three months ended
12/31/2015
|
|
Year ended
12/31/2015
|
(in
billions)
|
Sponsored
U.S. mutual funds
|
|
Other
investment portfolios
|
|
Total
|
|
Sponsored
U.S.
mutual
funds
|
|
Other
investment portfolios
|
|
Total
|
Assets under
management
at beginning of period
|
$
|
466.0
|
|
|
$
|
259.5
|
|
|
$
|
725.5
|
|
|
$
|
477.6
|
|
|
$
|
269.2
|
|
|
$
|
746.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows before
client transfers
|
.4
|
|
|
2.1
|
|
|
2.5
|
|
|
7.9
|
|
|
(6.3)
|
|
|
1.6
|
|
Client transfers from
mutual funds to
other portfolios
|
(.7)
|
|
|
.7
|
|
|
—
|
|
|
(6.5)
|
|
|
6.5
|
|
|
—
|
|
Net cash flows after
client transfers
|
(.3)
|
|
|
2.8
|
|
|
2.5
|
|
|
1.4
|
|
|
.2
|
|
|
1.6
|
|
Market appreciation
and income
|
21.4
|
|
|
13.7
|
|
|
35.1
|
|
|
8.1
|
|
|
6.6
|
|
|
14.7
|
|
Change during the
period
|
21.1
|
|
|
16.5
|
|
|
37.6
|
|
|
9.5
|
|
|
6.8
|
|
|
16.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets under
management at
December 31, 2015
|
$
|
487.1
|
|
|
$
|
276.0
|
|
|
$
|
763.1
|
|
|
$
|
487.1
|
|
|
$
|
276.0
|
|
|
$
|
763.1
|
|
For the three-month period ended December 31, 2015, the
mutual funds' net cash flows after client transfers include net
outflows of $1.4 billion from the
stock and blended asset funds that were offset in part by net
inflows of $.9 billion into the fixed
income funds and $.2 billion into the
money market funds. For the other investment portfolios, net cash
inflows during the fourth quarter of 2015 were $2.8 billion, including $.7 billion of transfers from the mutual funds.
These net cash inflows include net inflows from sub-advised clients
and the firm's other sponsored portfolios that were offset in part
by net cash outflows from a small number of institutional
investors. The firm's overall net cash flows for the fourth quarter
of 2015 and full-year 2015 include $2.1
billion and $16.2 billion,
respectively, that originated in the firm's target-date retirement
strategies, which totaled $165.7
billion in assets under management at December 31,
2015. These target-date assets contribute to the $214 billion of assets under management at
December 31, 2015 in the firm's asset allocation
portfolios.
T. Rowe Price remains debt-free with ample liquidity, including
cash and sponsored portfolio investment holdings of nearly
$2.8 billion at December 31,
2015. Weighted-average common stock outstanding has decreased since
the end of 2014 as the firm has expended nearly $988 million in 2015 to repurchase 13.1 million
shares, or 5%, of its outstanding common stock, including
$136 million to repurchase 1.9
million shares in the fourth quarter. The firm also invested
$151.3 million during 2015 in
capitalized technology and facilities. The firm's expenditures for
the year have been made from its available liquid resources. Based
on current strategic projects and plans, the firm expects capital
expenditures for technology, equipment, and facilities development
for 2016 to be up to $180 million,
which will be funded from operating resources.
Investment Performance
For the three-year period ended December 31, 2015, 80% of
the T. Rowe Price mutual funds across their share classes
outperformed their comparable Lipper averages on a total return
basis, 78% outperformed for the five-year period, 88% outperformed
for the 10-year period, and 80% outperformed for the one-year
period. In addition, T. Rowe Price stock, bond, and blended asset
funds, that ended the quarter with an overall rating of four or
five stars from Morningstar, account for nearly 86% of the assets
under management in the firm's rated funds. The firm's target-date
retirement funds continue to deliver very attractive long-term
performance, with at least 97% of these funds outperforming their
comparable Lipper averages on a total return basis for the three-,
five-, and 10-year periods ended December 31, 2015. The
performance of the firm's institutional strategies remains very
competitive.
Financial Results
Investment advisory revenues earned in the fourth quarter of
2015 from the T. Rowe Price mutual funds distributed in the U.S.
were $668.2 million, an increase of
$28.2 million, or 4%, from the
comparable 2014 quarter. Average mutual fund assets under
management in the fourth quarter of 2015 were $489.3 billion, an increase of 3% from the
average in the fourth quarter of 2014.
Investment advisory revenues earned in the fourth quarter of
2015 from the other investment portfolios were $257.8 million, an increase of $5.7 million, or 2%, from the comparable 2014
quarter. Average assets under management in the fourth quarter of
2015 were $276.4 billion, an increase
of 3% from the average in the fourth quarter of 2014. Investors
domiciled outside the United
States accounted for nearly 5% of the firm's assets under
management at December 31, 2015.
Money market advisory fees and other fund expenses voluntarily
waived by the firm to maintain positive yields for investors in the
fourth quarter of 2015 were $9.8
million, compared with $14.5
million in the 2014 quarter. In 2015, the firm has waived
$47.6 million in such fees compared
with $58.4 million in the 2014
period. The firm expects that it will continue to waive such fees
into 2016.
Operating expenses were $597.2
million in the fourth quarter of 2015, up $54.8 million from the comparable 2014 quarter.
Compensation and related costs have increased $18.9 million from the fourth quarter of 2014,
due primarily to higher salaries from modest base salary increases
at the beginning of the year and added headcount, and increases in
bonus compensation, temporary personnel, and stock-based
compensation. The firm has increased its average staff size by 1.7%
from the fourth quarter of 2014, and employed 5,999 associates at
December 31, 2015. The increase in compensation and related
costs and the firm's average staff size were muted by the lower
compensation costs resulting from shifting 210 associates and
providing ongoing transition support to BNY Mellon, with whom the
firm has contracted to provide fund accounting and portfolio
recordkeeping operations. However, these lower compensation costs
are offset by increases in costs paid to BNY Mellon to provide
these administrative services, which are reflected in other
operating expenses.
Advertising and promotion costs were $27.0 million in the fourth quarter of 2015,
compared with $26.1 million in the
comparable 2014 period. The firm currently expects advertising and
promotion costs for 2016 to be comparable to 2015 levels.
Occupancy and facility costs, together with depreciation and
amortization expense, were $72.6
million in the fourth quarter of 2015, up $7.7 million compared to the fourth quarter of
2014. The increase is primarily related to the ongoing update and
enhancement of technology capabilities, including related
maintenance programs.
Other operating expenses in the fourth quarter of 2015 were up
$27.1 million from the comparable
2014 quarter. About half of the increase is attributable to costs
now being paid to BNY Mellon for the performance of certain
administrative services. The remainder of the increase in costs is
due to higher business demands and the firm's continued investment
in its operating capabilities.
Net non-operating investment income in the fourth quarter of
2015 increased $4.6 million from the
2014 quarter. Higher net investment gains recognized on our
investments were offset in part by lower year-end capital gain
distributions from our mutual fund investments. On January 1, 2016, the firm implemented new
accounting guidance that will likely result in the firm
experiencing more volatility in the non-operating investment income
line of its consolidated income statement, as the net investment
gains and losses of certain sponsored fund investments will be
recognized in net income going forward instead of accumulated other
comprehensive income in the balance sheet.
The firm's effective tax rate for the fourth quarter of 2015 is
39.2%, slightly higher than the 38.9% effective tax rate for the
full year 2015. The firm currently estimates that its effective
rate for 2016 will be about 38.7%.
Management Commentary
William J. Stromberg, the
company's president and chief executive officer, commented: "The
U.S. economy continued its multi-year pattern of moderate but
uneven growth in 2015. The Federal Reserve was confident enough
though in the sustainability of the expansion to raise the federal
funds rate by 25 basis-points in mid-December. Meanwhile, growth in
Europe and Japan remained subdued despite their
extraordinarily easy monetary policies. Emerging market economies
overall continued to slow and their currencies continued to weaken,
impacted by the ongoing rapid decline in global commodity prices.
Worries about the slowing Chinese economy and its ramifications for
global growth persist.
"In 2015, major U.S. equity indexes were mixed, as a
fourth-quarter rebound led by large-cap shares pared late-summer
declines. While small- and mid-cap stocks posted losses, the
S&P 500 Index returned 1.38%, making 2015 the seventh
consecutive year for a positive S&P 500 total return. Equities
in Europe and Asia also rebounded during the quarter, but
full-year results for U.S. investors in those markets were hindered
by a stronger dollar. The MSCI EAFE Index returned -0.39% in 2015.
Emerging markets equities and local currency bonds fell sharply for
the year in dollar terms. U.S. bonds were mostly flat or negative
in the quarter and for the year, with high yield bonds declining
and municipal securities appreciating in both periods.
"We believe that global growth and financial market returns in
2016 will remain modest and that volatility will persist. We expect
continued moderate economic growth in the U.S. and Europe. However, the continued economic
pressure facing China, the
deepening commodities sell-off, Fed tightening, and the strong U.S.
dollar are additional headwinds to worldwide growth. Low interest
rates in the U.S. and other developed countries should keep bond
returns low.
"Although markets are a key driver of our short-term financial
results and cause us to be ever mindful of our expenses, our
financial strength – as evidenced by a strong cash position, no
debt, and healthy operating cash flows – has allowed us to continue
making strategic investments in people and key priorities. We also
returned more than $2 billion to
stockholders during 2015 through our regular quarterly dividends,
the special dividend paid in the second quarter, and stock
repurchases.
"Last year we expanded our offerings for individual and
institutional investors with several new equity and fixed income
strategies and the launch of new investment vehicles. We made
several senior hires across the organization and further expanded
our team of global equity and fixed income research analysts. We
also bolstered our sales, client service, and marketing teams
across the globe, and opened three new European offices; we now
have facilities in 16 countries. Additionally, we rolled out a
variety of innovative tools and digital experiences for financial
intermediaries, individual investors, and retirement plan
sponsors.
"Although early 2016 market returns have been challenging and
headwinds remain, T. Rowe Price is well positioned to help our
clients achieve their investment goals and deliver long-term value
for our stockholders. Our investment performance and client service
have been outstanding over time and position us for continued
growth in the years ahead. We will continue investing to broaden
our investment capabilities and vehicles and to expand our
distribution reach. Early indicators suggest that our efforts to
engage new investors around the world are gaining traction, and we
are working diligently to build on that success."
Other Matters
The financial results presented in this release are unaudited.
KPMG LLP is currently completing its audits of the firm's 2015
consolidated financial statements and internal controls over
financial reporting at December 31, 2015. The firm expects
that KPMG will complete its work in early February and that it will
then file its Form 10-K Annual Report for 2015 with the U.S.
Securities and Exchange Commission. The Form 10-K will include
additional information, including the firm's audited consolidated
financial statements, management's report on internal controls over
financial reporting at December 31, 2015, and the reports of
KPMG.
Certain statements in this earnings release may represent
"forward-looking information," including information relating to
anticipated changes in revenues, net income and earnings per common
share, anticipated changes in the amount and composition of assets
under management, anticipated expense levels, estimated tax rates,
and expectations regarding financial results, future transactions,
investments, capital expenditures, dividends, stock repurchases,
and other market conditions. For a discussion concerning risks and
other factors that could affect future results, see the firm's 2014
Form 10-K.
Founded in 1937, Baltimore-based T. Rowe Price
(troweprice.com) is a global investment management
organization that provides a broad array of mutual funds,
subadvisory services, and separate account management for
individual and institutional investors, retirement plans, and
financial intermediaries. The organization also offers a variety of
sophisticated investment planning and guidance tools. T. Rowe
Price's disciplined, risk-aware investment approach focuses on
diversification, style consistency, and fundamental research.
Unaudited
Condensed Consolidated Statements of Income
|
|
|
|
|
(in millions,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year ended
|
Revenues
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
|
Investment advisory
fees
|
|
$
|
892.1
|
|
|
$
|
926.0
|
|
|
$
|
3,464.5
|
|
|
$
|
3,687.3
|
|
|
Administrative
fees
|
|
93.2
|
|
|
88.9
|
|
|
374.0
|
|
|
361.8
|
|
|
Distribution and
servicing fees
|
|
37.1
|
|
|
37.3
|
|
|
143.6
|
|
|
151.5
|
|
|
Net
revenues
|
|
1,022.4
|
|
|
1,052.2
|
|
|
3,982.1
|
|
|
4,200.6
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
Compensation and
related costs
|
|
337.9
|
|
|
356.8
|
|
|
1,329.6
|
|
|
1,443.6
|
|
|
Advertising and
promotion
|
|
26.1
|
|
|
27.0
|
|
|
76.0
|
|
|
79.7
|
|
|
Distribution and
servicing costs
|
|
37.1
|
|
|
37.3
|
|
|
143.6
|
|
|
151.5
|
|
|
Depreciation and
amortization of property and equipment
|
|
28.3
|
|
|
31.9
|
|
|
111.7
|
|
|
126.3
|
|
|
Occupancy and
facility costs
|
|
36.6
|
|
|
40.7
|
|
|
143.9
|
|
|
159.2
|
|
|
Other operating
expenses
|
|
76.4
|
|
|
103.5
|
|
|
286.4
|
|
|
341.4
|
|
|
Total operating
expenses
|
|
542.4
|
|
|
597.2
|
|
|
2,091.2
|
|
|
2,301.7
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
480.0
|
|
|
455.0
|
|
|
1,890.9
|
|
|
1,898.9
|
|
Non-operating
investment income
|
|
38.8
|
|
|
43.4
|
|
|
112.2
|
|
|
103.5
|
|
Income before income
taxes
|
|
518.8
|
|
|
498.4
|
|
|
2,003.1
|
|
|
2,002.4
|
|
Provision for income
taxes
|
|
202.9
|
|
|
195.2
|
|
|
773.5
|
|
|
779.4
|
|
Net income
|
|
$
|
315.9
|
|
|
$
|
303.2
|
|
|
$
|
1,229.6
|
|
|
$
|
1,223.0
|
|
|
|
|
|
|
|
|
|
|
|
Net income
allocated to common stockholders
|
|
Three months
ended
|
|
Year ended
|
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
|
Net income
|
|
$
|
315.9
|
|
|
$
|
303.2
|
|
|
$
|
1,229.6
|
|
|
$
|
1,223.0
|
|
|
Less: net income
allocated to outstanding
restricted stock and stock unit holders
|
|
(3.8)
|
|
|
(4.7)
|
|
|
(14.2)
|
|
|
(16.1)
|
|
|
Net income allocated
to common
stockholders
|
|
$
|
312.1
|
|
|
$
|
298.5
|
|
|
$
|
1,215.4
|
|
|
$
|
1,206.9
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
on common stock
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.21
|
|
|
$
|
1.20
|
|
|
$
|
4.68
|
|
|
$
|
4.74
|
|
|
Diluted
|
|
$
|
1.18
|
|
|
$
|
1.17
|
|
|
$
|
4.55
|
|
|
$
|
4.63
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares
|
|
|
|
|
|
|
|
|
|
Outstanding
|
|
257.6
|
|
|
249.4
|
|
|
259.6
|
|
|
254.6
|
|
|
Outstanding assuming
dilution
|
|
265.2
|
|
|
255.0
|
|
|
267.4
|
|
|
260.9
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per share, including a
$2.00 per share special cash dividend paid in
the second quarter of 2015
|
|
$
|
.44
|
|
|
$
|
.52
|
|
|
$
|
1.76
|
|
|
$
|
4.08
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisory Revenues (in millions)
|
Three months
ended
|
|
Year ended
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
Sponsored U.S. mutual
funds
|
|
|
|
|
|
|
|
Stock and blended
asset
|
$
|
536.2
|
|
|
$
|
560.2
|
|
|
$
|
2,086.0
|
|
|
$
|
2,241.9
|
|
Bond and money
market
|
103.8
|
|
|
108.0
|
|
|
399.8
|
|
|
426.0
|
|
|
640.0
|
|
|
668.2
|
|
|
2,485.8
|
|
|
2,667.9
|
|
Other investment
portfolios
|
|
|
|
|
|
|
|
Stock and blended
asset
|
214.4
|
|
|
217.0
|
|
|
824.5
|
|
|
862.2
|
|
Bond, money market,
and stable value
|
37.7
|
|
|
40.8
|
|
|
154.2
|
|
|
157.2
|
|
|
252.1
|
|
|
257.8
|
|
|
978.7
|
|
|
1,019.4
|
|
Total
|
$
|
892.1
|
|
|
$
|
926.0
|
|
|
$
|
3,464.5
|
|
|
$
|
3,687.3
|
|
|
|
|
|
Average Assets
Under Management (in billions)
|
Three months
ended
|
|
Year ended
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
Sponsored U.S. mutual
funds
|
|
|
|
|
|
|
|
Stock and blended
asset
|
$
|
368.3
|
|
|
$
|
384.9
|
|
|
$
|
359.3
|
|
|
$
|
387.8
|
|
Bond and money
market
|
104.7
|
|
|
104.4
|
|
|
101.6
|
|
|
105.8
|
|
|
473.0
|
|
|
489.3
|
|
|
460.9
|
|
|
493.6
|
|
Other investment
portfolios
|
|
|
|
|
|
|
|
Stock and blended
asset
|
205.3
|
|
|
210.3
|
|
|
201.6
|
|
|
210.3
|
|
Bond, money market,
and stable value
|
61.9
|
|
|
66.1
|
|
|
62.2
|
|
|
64.0
|
|
|
267.2
|
|
|
276.4
|
|
|
263.8
|
|
|
274.3
|
|
Total
|
$
|
740.2
|
|
|
$
|
765.7
|
|
|
$
|
724.7
|
|
|
$
|
767.9
|
|
|
|
|
|
|
|
|
|
Ending Assets
Under Management (in billions)
|
|
|
|
|
As of
|
|
|
|
|
|
12/31/2014
|
|
12/31/2015
|
Sponsored U.S. mutual
funds
|
|
|
|
|
|
|
|
Stock and blended
asset
|
|
|
|
|
$
|
373.0
|
|
|
$
|
383.0
|
|
Bond and money
market
|
|
|
|
|
104.6
|
|
|
104.1
|
|
|
|
|
|
|
477.6
|
|
|
487.1
|
|
Other investment
portfolios
|
|
|
|
|
|
|
|
Stock and blended
asset
|
|
|
|
|
206.9
|
|
|
209.8
|
|
Bond, money market,
and stable value
|
|
|
|
|
62.3
|
|
|
66.2
|
|
|
|
|
|
|
269.2
|
|
|
276.0
|
|
Total
|
|
|
|
|
$
|
746.8
|
|
|
$
|
763.1
|
|
|
|
|
|
|
|
|
|
Stock and blended
asset portfolios
|
|
|
|
|
$
|
579.9
|
|
|
$
|
592.8
|
|
Fixed income
portfolios
|
|
|
|
|
166.9
|
|
|
170.3
|
|
Total
|
|
|
|
|
$
|
746.8
|
|
|
$
|
763.1
|
|
|
|
|
Condensed
Consolidated Cash Flows Information (in millions)
|
|
Year ended
|
|
|
12/31/2014
|
|
12/31/2015
|
Cash provided by
operating activities, including $149 of stock-based
compensation
expense in 2015
|
|
$
|
1,291.3
|
|
|
$
|
1,506.4
|
|
Cash provided by
(used in) investing activities, including ($151) for additions
to
property and equipment and $270 in net proceeds from sponsored fund
dispositions in 2015
|
|
(443.4)
|
|
|
109.0
|
|
Cash used in
financing activities, including common stock repurchases of ($988)
and dividends paid of ($1,059) in 2015
|
|
(739.8)
|
|
|
(1,949.2)
|
|
Net change in cash
during the period
|
|
$
|
108.1
|
|
|
$
|
(333.8)
|
|
|
|
|
Condensed
Consolidated Balance Sheet Information (in millions)
|
|
As of
|
|
|
12/31/2014
|
|
12/31/2015
|
Cash and cash
equivalents
|
|
$
|
1,506.1
|
|
|
$
|
1,172.3
|
|
Accounts receivable
and accrued revenue
|
|
442.8
|
|
|
446.0
|
|
Investments in
sponsored funds
|
|
1,884.0
|
|
|
1,612.3
|
|
Other
investments
|
|
408.3
|
|
|
406.6
|
|
Property and
equipment, net
|
|
586.4
|
|
|
607.1
|
|
Goodwill
|
|
665.7
|
|
|
665.7
|
|
Other
assets
|
151.1
|
|
|
196.9
|
|
Total
assets
|
|
5,644.4
|
|
|
5,106.9
|
|
Total
liabilities
|
|
249.2
|
|
|
344.9
|
|
Stockholders' equity,
250.5 common shares outstanding at December 31, 2015,
includes net unrealized holding gains of $120.3 at December 31,
2015
|
|
$
|
5,395.2
|
|
|
$
|
4,762.0
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/t-rowe-price-group-reports-fourth-quarter-and-annual-2015-results-300211344.html
SOURCE T. Rowe Price Group, Inc.