T. Rowe Price Group
28 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.
Customers
T. Rowe Price U.S. mutual funds
earns from · Nearly 55% of our investment advisory feesnamed as a riskNearly 55% of our investment advisory fees are earned from our sponsored U.S. mutual funds, with the remaining investment advisory fees earned from our collective investment trusts, subadvised funds, separately managed accounts, and other sponsored products.Business (Item 1)
Suppliers
Pershing (BNY Mellon)
depends onPershing, a third-party clearing broker and an affiliate of BNY Mellon, maintains our brokerage’s customer accounts and clears all transactions.Business (Item 1)
Partners and platforms
Third-party financial intermediaries
depends onnamed as a riskIt would be difficult for us to acquire or retain the management of those assets without the assistance of the intermediaries, and we cannot assure that we will be able to maintain an adequate number of investment product offerings and successful distribution relationships.Risk factors (Item 1A)
Other companies
UTI
$162.8 million at December 31, 2025named as a riskOur most significant exposure relates to the translation of the financial statements of our equity method investment in UTI ($162.8 million at December 31, 2025).Market risk (Item 7A)
Deferred compensation hedge investments
exposed to its price · $214.5named as a riskSince we are hedging the liabilities, the impact on our net income attributable to T. Rowe Price Group would result from any ineffectiveness of this economic hedge.Market risk (Item 7A)
Target date retirement products
concentrated in · $561.4 billion at December 31, 2025, or 31.6% of our managed assetsThe assets under management in our target date retirement products totaled $561.4 billion at December 31, 2025, or 31.6% of our managed assets at December 31, 2025, compared to 29.6% at the end of 2024.Business (Item 1)
Capital Appreciation Strategy
concentrated in · about 6% of total assets under managementThe Capital Appreciation Strategy has been closed to new investors since 2014 and represents about 6% of total assets under management at December 31, 2025.Business (Item 1)
Oak Hill Advisors (OHA)
earns fromOur consolidated net revenues and net income are derived largely from investment advisory services provided by our subsidiaries, primarily T. Rowe Price Associates (TRPA), T. Rowe Price Investment Management (TRPIM), T. Rowe Price International Ltd (TRPIL), and Oak Hill Advisors (OHA).Business (Item 1)
Competitors
Passive investment products
competes withnamed as a riskAs a result, investment advisors that emphasize passive products have gained and may continue to gain market share from active managers like us.Risk factors (Item 1A)
Also named by SF
Places
Colorado Springs, Colorado
concentrated innamed as a riskA significant portion of our business operations are concentrated in the Baltimore, Maryland region; Colorado Springs, Colorado; Fort Worth, Texas; New York City, New York; and London, England.Risk factors (Item 1A)
Baltimore, Maryland
concentrated innamed as a riskA significant portion of our business operations are concentrated in the Baltimore, Maryland region; Colorado Springs, Colorado; Fort Worth, Texas; New York City, New York; and London, England.Risk factors (Item 1A)
Fort Worth, Texas
concentrated innamed as a riskA significant portion of our business operations are concentrated in the Baltimore, Maryland region; Colorado Springs, Colorado; Fort Worth, Texas; New York City, New York; and London, England.Risk factors (Item 1A)
New York City, New York
concentrated innamed as a riskA significant portion of our business operations are concentrated in the Baltimore, Maryland region; Colorado Springs, Colorado; Fort Worth, Texas; New York City, New York; and London, England.Risk factors (Item 1A)
London, England
concentrated innamed as a riskA significant portion of our business operations are concentrated in the Baltimore, Maryland region; Colorado Springs, Colorado; Fort Worth, Texas; New York City, New York; and London, England.Risk factors (Item 1A)
Commodities and inputs
Indian rupee
exposed to its price · cumulative translation loss, net of tax, of $57.4 millionnamed as a riskWe had a cumulative translation loss, net of tax, of $57.4 million at December 31, 2025, related to our investment in UTI.Market risk (Item 7A)
Also named by ACN, ADBE, AJG, AVY, BEN, CIEN, CTSH, EEFT and 11 more
Regulators
Commodity Futures Trading Commission (CFTC)
subject tonamed as a riskNonetheless, there are still certain limitations on our investment products due to CFTC rules.Risk factors (Item 1A)
Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more
U.S. Securities and Exchange Commission (SEC)
subject toAll entities above are registered as investment advisers under the Investment Advisers Act of 1940, which imposes substantive regulation around, among other things, fiduciary duties to clients, transactions with clients, effective compliance programs, conflicts of interest, advertising, recordkeeping, reporting, and disclosure requirements.Business (Item 1)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Financial Industry Regulatory Authority (FINRA)
subject toT. Rowe Price Investment Services (TRPIS) is an SEC registered introducing broker-dealer and member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation.Business (Item 1)
Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more
Financial Conduct Authority (UK)
subject toFinancial Conduct Authority - T. Rowe Price International - Oak Hill Advisors (Europe)Business (Item 1)
Also named by AFRM, AJG, AMG, AMP, BGC, BRO, CBOE, COF and 17 more
U.S. Department of Labor
subject toSuch activities are subject to regulators such as the U.S. Department of Labor, and applicable laws and regulations including the Employee Retirement Income Security Act of 1974 (ERISA).Business (Item 1)
Also named by ADP, AMG, BBSI, FLO, HCC, MRSH, PAYX, PFG and 1 more
Maryland Office of Financial Regulation
subject toState of Maryland, Office of Financial Regulation - T. Rowe Price Trust CompanyBusiness (Item 1)
Laws and programs
12b-1 fees
25 and 50 basis pointsThese share classes pay 12b-1 fees of 25 and 50 basis points, respectively, out of fund assets, for distribution, administration, and personal services.Business (Item 1)
EU General Data Protection Regulation (GDPR)
subject tonamed as a riskRequirements in these areas continue to expand and evolve throughout the globe, most commonly in ways that increase the complexity and costs of compliance.Risk factors (Item 1A)
Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more
Investment Company Act of 1940
subject tonamed as a riskEach fund agreement automatically terminates in the event of its assignment (as defined in the Investment Company Act) and, generally, either party may terminate the agreement without penalty after a 60-day notice.Business (Item 1)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
Dodd-Frank Wall Street Reform and Consumer Protection Act
subject tonamed as a riskThese requirements have introduced operational complexity and additional costs to derivatives products.Risk factors (Item 1A)
Also named by BAM, CAT, CME, ELS, FISV, FNF, LEN, SPGI and 1 more
EU Sustainable Finance Disclosure Regulation
subject tonamed as a riskNew laws or regulations involving sustainability integration and disclosure may materially impact the asset management industry, including the EU's Sustainable Finance Disclosure Regulation, the EU’s Corporate Sustainability Reporting Directive, and similar initiatives proposed or adopted by various U.S. states.Risk factors (Item 1A)
Employee Retirement Income Security Act of 1974 (ERISA)
subject toSuch activities are subject to regulators such as the U.S. Department of Labor, and applicable laws and regulations including the Employee Retirement Income Security Act of 1974 (ERISA).Business (Item 1)