BALTIMORE, Dec. 29, 2021 /PRNewswire/ -- T. Rowe Price
Group, Inc. (NASDAQ-GS: TROW), today announced it has completed its
acquisition of Oak Hill Advisors, L.P. (OHA), a leading alternative
credit manager. The acquisition, which was announced on
October 28, 2021, accelerates T.
Rowe Price's expansion into
alternative credit markets, complementing its existing global
platform and ongoing strategic investments in its core investments
and distribution capabilities.
"We are very pleased to reach today's milestone and to welcome
the talented OHA team to T. Rowe
Price," said Rob Sharps, T.
Rowe Price president, head of
Investments, group chief investment officer, and incoming chief
executive officer. "This acquisition allows us to broaden our
private markets business and add new capabilities in an area of
tremendous client interest and growth."
Glenn August, founder and chief
executive officer of OHA, said, "T. Rowe
Price and OHA share common values and a commitment to
delivering outstanding investment performance and client service.
Together, we have the ability to deliver even more value to our
clients whom we expect to benefit from greater scale and a broader
range of product offerings over time."
With the closing of the transaction, OHA will operate as a
standalone business within T. Rowe
Price, have autonomy over its investment process, and
maintain its team and culture. Mr. August is continuing in his
current role and, as planned, will join T. Rowe Price's Board of Directors and Management
Committee, effective December 30,
2021. Mr. Sharps will also join T. Rowe Price's Board of Directors at that
time.
For additional background on the acquisition, please read the
announcement news release here.
ABOUT T. ROWE PRICE
Founded in 1937, Baltimore-based
T. Rowe Price (troweprice.com) is a
global investment management organization with $1.63 trillion in assets under management as of
November 30, 2021. The organization
provides a broad array of mutual funds, subadvisory services, and
separate account management for individual and institutional
investors, retirement plans, and financial intermediaries. The
company 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.
ABOUT OHA
OHA is a leading alternative investment
firm with $56 billion of capital
under management (as of November 30,
2021) across its private, distressed, special situations,
liquid, structured credit, and real asset strategies. OHA has
generated attractive risk-adjusted returns over its more than
30-year history by specializing in performing and distressed
credit-related investments in North
America, Europe, and other
geographies. OHA employs more than 300 people globally and is
headquartered in New York, with
primary offices in London,
Sydney, Hong Kong, Luxembourg, Fort
Worth, and San Francisco.
For further information about OHA, please visit
oakhilladvisors.com.
OTHER MATTERS
Statements in this press release that
are not historical facts are "forward-looking statements" within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. When used in this press release, words or phrases generally
written in the future tense and/or preceded by words such as
"will," "may," "could," "expect," "believe," "anticipate,"
"intend," "plan," "seek," "estimate," "preliminary," or other
similar words are forward-looking statements. Various
forward-looking statements in this press release relate to the
acquisition by T. Rowe Price of OHA,
including regarding expected scale and distribution opportunities
and financial benefits or returns. Forward-looking statements
involve a number of known and unknown risks, uncertainties, and
other important factors, that could cause actual results and
outcomes to differ materially from any future results or outcomes
expressed or implied by such forward-looking statements. Actual
results may differ materially from those in forward-looking
information because of various factors including, but not limited
to, those discussed above and in Item 1A, Risk Factors, included in
T. Rowe Price's Form 10-K Annual
Report for 2020.
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SOURCE T. Rowe Price Group, Inc.