What changed in this filing

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Item 1. Business

2025-02-14 compared with 2024-02-16 · 105 added, 111 removed, 219 unchanged (50% of the section changed)

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Rowe Price Group", "T.

Rowe Price", "the firm", "we", "us", or "our") is a financial services holding company that provides global investment management services through its subsidiaries to investors worldwide.

Rowe Price", "the firm", "we", "us", or "our") is a financial services holding company that provides global investment advisory services through its subsidiaries to investors worldwide.

We are driven by our purpose:

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Our core capabilities have enabled us to deliver excellent operating results since our initial public offering.

We maintain a strong corporate culture that is focused on delivering strong long-term investment performance and world-class service to our clients.

We maintain a strong corporate culture focused on delivering superior long-term investment performance and world-class service to our clients.

We distribute our broad array of active investment solutions through a diverse set of distribution channels and vehicles to meet the needs of our clients globally.

These vehicles include an array of U.S.

mutual funds, collective investment trusts, subadvised funds, separately managed accounts, and other sponsored products.

mutual funds, collective investment trusts, exchange-traded funds, subadvised funds, separately managed accounts, and other sponsored products.

The other sponsored products include:

open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds and collateralized loan obligations.

The investment management industry has been evolving and industry participants are facing several challenging trends including passive investments taking market share from traditional active strategies;

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and an ever-changing regulatory landscape.

It is also a unique time in our industry with a significant amount of money remaining out of the market as investors maintain a shorter investment time horizon and relatively low risk appetite.

Despite these challenging trends, we believe there are significant opportunities that align to our core capabilities.

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• Focus on further global growth in select high-opportunity countries where we have existing business by investing more in resources, products, and marketing.

• Deepen client relationships and renew our individual investor base by innovating and investing in our capabilities to deliver world class service and a differentiated offer to clients.

• Broaden our reach in the private and alternatives market by leveraging our distribution channels and expanding our investment capabilities.

• Enhance our relationships with clients and renew our individual investor base by investing in our ability to provide exceptional service and unique offerings.

• Strengthen our distribution technology to enhance the digital client experience and client reporting.

• Attract and retain top talent, enable effective hybrid collaboration, and deliver on our expanded diversity, equity, and inclusion goals.

• Attract and retain top talent and enable effective hybrid collaboration.

• Nurture our brand globally and leverage it effectively across channels and geographies.

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ASSETS UNDER MANAGEMENT (AUM).

During 2023, we derived most of our consolidated net revenues and net income from investment advisory services provided by our subsidiaries, primarily T.

Our consolidated net revenues and net income are derived largely from investment advisory services provided by our subsidiaries, primarily T.

Rowe Price Associates (TRPA), T.

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Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations.

At December 31, 2023, we had $1,444.5 billion in assets under management, an increase of $169.8 billion from 2022.

At December 31, 2024, we had $1,606.6 billion in assets under management, an increase of $162.1 billion from the end of 2023.

This increase in assets under management was driven by market appreciation, net of distributions not reinvested, of $205.3 billion, offset by net cash outflows of $43.2 billion.

In 2024, our target date retirement products experienced net cash inflows of $16.3 billion.

The assets under management in our target date retirement products totaled $408.4 billion at December 31, 2023, or 28.3% of our managed assets at December 31, 2023, compared with 26.2% at the end of 2022.

The following charts show our AUM by asset class, client type, geography, and account type as of December 31 for the prior three years:

The assets under management in our target date retirement products totaled $475.6 billion at December 31, 2024, or 29.6% of our managed assets at December 31, 2024, compared to 28.3% at the end of 2023.

The following charts show our AUM (in billions) by asset class, client type, geography, and account type as of December 31 for the prior three years:

Equity Institutional (3)

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Alternatives (2)

(1) The underlying assets under management of the multi-asset portfolios have been aggregated and presented in this category and not reported in the equity and fixed income rows.

(2) The alternatives asset class includes strategies authorized to invest more than 50% of its holdings in private credit, leveraged loans, mezzanine, real assets/CRE, structured products, stressed / distressed, non-investment grade CLOs, special situations, or have absolute return as its investment objective.

(1) The underlying AUM of the multi-asset portfolios have been aggregated and presented in this category and not reported in the equity and fixed income rows.

(2) The alternatives asset class includes strategies authorized to invest more than 50% of its holdings in private credit, leveraged loans, mezzanine, real assets/CRE, structured products, stressed/distressed, non-investment grade CLOs, special situations, business development companies, or that have absolute return as its investment objective.

Generally, only those strategies with longer than daily liquidity are included.

(3) Institutional includes assets sourced from institutions along with defined contribution assets, including assets sourced through intermediaries and our full-service recordkeeping business.

Unfunded capital commitments of $16.2 billion at December 31, 2024, $11.6 billion at December 31, 2023, and $10.5 billion at December 31, 2022 are not reflected in AUM above.

(3) Institutional includes assets sourced from institutions along with defined contribution assets that are sourced through intermediaries and our full-service recordkeeping business.

(4) Retail includes assets sourced through our direct-marketed business and financial intermediaries.

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Other Accounts

Additional information concerning our assets under management, results of operations, and financial condition during the past three years is contained in the Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7, as well as our consolidated financial statements, which are included in Item 8 of this Form 10-K.

SERVICES AND CAPABILITIES.

Additional information concerning our assets under management, results of operations, and financial condition during the past three years is contained in Part II, Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations as well as our consolidated financial statements, which are included in Item 8.

of this Form 10-K.

INVESTMENT MANAGEMENT SERVICES.

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Our strategies are designed to meet the varied and changing needs and objectives of investors and are delivered across a range of vehicles.

We also offer specialized advisory services, including management of stable value investment contracts, modeled multi-asset solutions, and a distribution management service for the disposition of equity securities our clients receive from third-party venture capital investment pools.

We also offer specialized advisory services, including management of stable value investment contracts, customized multi-asset solutions, and a distribution management service for the disposition of equity securities our clients receive from third-party venture capital investment pools.

The following tables set forth our broad investment capabilities as of December 31, 2024.

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Cash Low Duration High Yield / Bank Loans Government Securitized Investment Grade Credit

Taxable Money, Tax-Exempt Money Stable Value, Short-Term Bond, Short Duration Income, Ultra-Short Term Bond Credit Opportunities, Floating Rate, US High Yield US Inflation Protection, US Treasury Securitized Credit, CLO, GNMA US Investment Grade

Taxable Money, Tax-Exempt Money Stable Value, Short-Term Bond, Short Duration Income, Ultra-Short Term Bond Credit Opportunities, Floating Rate, High Yield Inflation Protection, Treasury Securitized Credit, CLO, GNMA Investment Grade, Corporate Income Bond

Global / International:

N/O N/O Euro High Yield, High Income, Global High Yield Global Government Bond, Global Government Bond ex-Japan, Global Government Bond High Quality N/O Global Investment Grade Corporate, Euro Investment Grade Corporate

Multi-Sector Dynamic Suite Emerging Markets Municipal Impact

QM US Bond, US Core Bond, US Core Plus, US Investment Grade Core, US Total Return N/O N/O Tax-Free High Yield, Intermediate Tax-Free High Yield, Muni Intermediate, Tax-Free Long-Term, Tax-Free Short/Intermediate N/O

N/O N/O Euro High Yield, High Income, Global High Yield Global Government Bond N/O Euro Investment Grade Corporate, Global Investment Grade Corporate

Multi-Sector Dynamic Suite Emerging Markets Municipal

(Tax-Free) Impact

QM Bond, Core Bond, Core Plus, Investment Grade Core, Total Return N/O N/O High Yield, Intermediate Muni, Intermediate, Long-Term, Short/Intermediate N/O

Global / International:

Global Multi-Sector, Global Aggregate, International Bond, Euro Aggregate Dynamic Credit, Dynamic Global Bond, Dynamic Global Bond Investment Grade, Dynamic Emerging Markets Bond EM Bond, EM Corporate, EM Corporate High Yield, EM Corporate Investment Grade, EM Local Bond, Asia Credit N/O Global Impact Credit

Global Multi-Sector, Global Aggregate, International Bond, Euro Aggregate Dynamic Credit, Dynamic Global Bond, Dynamic Global Bond Investment Grade, Dynamic Emerging Markets Bond Bond, Corporate, Corporate High Yield, Investment Grade, Local Currency, Asia Credit N/O Global Impact Credit

N/O - Not offered

/ Global / International:

Target Date, Custom Target Date Target Allocation Global Allocation Global Income Managed Volatility

Custom Solutions Real Assets Retirement Income N/O N/O

N/O - Not offered

Target Date, Custom Target Date Target Allocation Global Allocation

Global Income Managed Volatility Custom Solutions Real Assets Retirement Income

/ Global / International:

Private Credit Leveraged Loans Mezzanine Real Assets / CRE Structured Products

Stressed / Distressed CLOs - Non-Investment Grade Special Situations N/O N/O

N/O - Not offered

We employ fundamental and quantitative security analysis in the performance of the investment management function through substantial internal equity, fixed income, and alternative investment research capabilities.

Our research staff operates primarily from offices located in the U.S.

Stressed / Distressed CLOs - Non-Investment Grade Special Situations MA Alternatives

Our research staff conducts fundamental and quantitative security analysis primarily from offices located in the U.S.

with additional staff based in Australia, China, Hong Kong, Japan, and Singapore.

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A new strategy is solely dependent on our belief we have the appropriate investment management expertise and its objective will be useful to investors over a long period.

We typically provide seed capital for certain new investment products to begin building an investment performance history in advance of the portfolio receiving sustainable client assets.

The length of time we hold our seed capital investment will vary for each new investment product as it is highly dependent on how long it takes to generate cash flows into the product from unrelated investors or, in the case of certain alternative products, the investment term.

Generally, we ensure that the new investment product has a sustainable level of assets from unrelated shareholders before we consider redemption of our seed capital investment in order to not negatively impact the product's net asset value or its performance record.

We typically provide seed capital for certain investment products to begin building an investment performance history in advance of the portfolio receiving sustainable client assets.

The length of time we hold our seed capital investment will vary for each investment product as it is highly dependent on how long it takes to generate cash flows into the product from unrelated investors or, in the case of certain alternative products, the investment term.

Generally, we ensure the investment product has a sustainable level of assets from unrelated shareholders before we consider redemption of our seed capital investment in order to maintain the product's net asset value or its performance record.

At December 31, 2024, we had seed capital investments in our products of $1.3 billion.

We may also close or limit new investments to new investors across sponsored investment products in order to maintain the integrity of the investment strategy and to protect the interests of its existing shareholders and investors.

Additionally, we invest our capital in certain alternative products we manage to further align our interest with those of our clients.

These investments are commonly referred to as co-investments and totaled $0.3 billion at December 31, 2024.

We may also close or limit investments to new investors across investment products in order to maintain the integrity of the investment strategy and to protect the interests of its existing shareholders and investors.

At present, the following strategies, which represent about 7% of total assets under management at December 31, 2024, are generally closed to new investors:

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investors on a direct basis U.S.

Defined Contribution Global institutions

Defined Contribution Institutional investors

Mutual Funds x x x x

Collective Investment Trusts x x

Active Exchange-Traded Funds x x

Exchange-Traded Funds x x x

College Savings Plans x x

Model Portfolios (1)

Managed Accounts / Model Delivery x x

Model Portfolios x x x (6)

Separately Managed Accounts (SMAs) (1)

Subadvised Accounts x x

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Japanese ITMs (5)

Australian Unit Trusts x

Australian Unit Trusts x x

Private Funds x

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Business Development Company (BDC) x x

(1) Mutual fund models, .

(1) Includes both model delivery and manager traded SMAs, .

(2) Société d'Investissement à Capital Variable (Luxembourg), (3) Fonds Commun de Placement (Luxembourg), (4) Open-Ended Investment Company (U.K.), (5) Japanese Investment Trust Management Funds, (6) Provided through our ActivePlus and Retirement Advisory Service Portfolios.

INVESTMENT ADVISORY FEES.

We derive substantially all of our net revenue from investment advisory fees that are earned pursuant to agreements with our sponsored funds and clients.

We derive substantially all of our net revenue from investment advisory fees that are earned pursuant to agreements with our sponsored products and clients.

Nearly 57% of our investment advisory fees are earned from our sponsored U.S.

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The other sponsored investment portfolios include:

open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., exchange traded funds, affiliated private investment funds, business development companies, and sponsored collateralized loan obligations.

Our investment advisory fees are generally computed using the value of assets under management at a contracted annual fee rate or an effective fee rate for those products with a tiered-fee rate structure.

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The contracted fee rate(s) applied to the fund or account’s assets under management will vary depending on the services provided, the asset class, and vehicle.

For example, fee rates are typically higher for equities and alternatives as compared to multi-asset and fixed income products.

For example, fee rates are typically higher for equities and alternatives compared to multi-asset and fixed income products.

Additionally, fees rates are typically higher for commingled vehicles including U.S.

mutual funds, private investment funds and collective investment trusts as compared to separately managed accounts and subadvised funds.

mutual funds, private investment funds and collective investment trusts compared to separately managed accounts and subadvised funds.

Investment management agreements typically provide the ability for termination upon relatively short notice with little or no penalty.

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We also earn performance-based investment advisory fees on certain separately managed accounts and affiliated private investment funds.

These performance-based fees are recognized when performance returns exceed the stated hurdle at the end of the performance period, which can lead to an uneven recognition pattern in a given year.

These performance-based fees are recognized and reported separately in the consolidated income statement when performance returns exceed the stated hurdle at the end of the performance period, which can lead to an uneven recognition pattern in a given year.

We distribute certain of our sponsored products outside the U.S.

through distribution agents and other financial intermediaries.

The fees we earn for distributing and marketing these products are part of our overall investment management fees for managing the product assets.

We recognize any related distribution fees paid to these financial intermediaries in distribution and servicing costs.

The fees we earn for distributing and marketing these products are part of the investment advisory fees earned for managing the product assets.

We recognize any related distribution fees paid to financial intermediaries in distribution and servicing costs.

CAPITAL ALLOCATION-BASED INCOME.

We recognize income earned from general partner interests in certain affiliated private investment funds that are entitled to a disproportionate allocation of income, which we also refer to as carried interest.

We record our proportionate share of the investment funds' income assuming the funds were liquidated as of each reporting date pursuant to each investment fund's governing agreements.

We recognize income earned from general partner interests in certain affiliated private investment funds that are entitled to a disproportionate allocation of income, also referred to as carried interest.

We record our proportionate share of the investment funds' income assuming the funds were liquidated at each reporting date pursuant to each investment fund's governing agreements.

The income will fluctuate period-to-period and the realization of accrued carried interest occurs over a number of years.

A portion of this income is allocated to non-controlling interest holders and is reflected in compensation expense as these holders are also employees.

A portion of this income is allocated to certain employees that have non-controlling interests in the entities that hold the general partner's investments.

ADMINISTRATIVE, DISTRIBUTION, AND SERVICING FEES.

Administrative Services

We also provide certain ancillary administrative services to our investment advisory clients.

We provide certain ancillary administrative services to our investment advisory clients.

These administrative services are provided by several of our subsidiaries and include mutual fund transfer agent, fund/portfolio accounting, distribution, and shareholder services;

participant recordkeeping and transfer agent services for defined contribution retirement plans investing in our sponsored U.S.

mutual funds;

recordkeeping services for defined contribution retirement plans investing in mutual funds outside the T.

recordkeeping services for defined contribution retirement plans investing in our sponsored vehicles and vehicles outside the T.

Rowe Price complex;

transfer agent services for defined contribution retirement plans investing in our sponsored U.S.

mutual funds;

trust services;

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and/or non-U.S.

We are subject to various securities/financial services, compliance, corporate governance, disclosure, privacy, cybersecurity, technology, anti-bribery and anti-corruption, anti-money laundering, anti-terrorist financing, and economic, trade and sanctions laws and regulations, both domestically and internationally, as well as to various cross-border rules and regulations, and the data protection laws and regulations of numerous jurisdictions, including the General Data Protection Regulation (“GDPR”) of the European Union (“EU”) and the California Consumer Privacy Act (“CCPA”).

protection laws and regulations of numerous jurisdictions, including the General Data Protection Regulation (“GDPR”) of the European Union (“EU”) and the California Consumer Privacy Act (“CCPA”).

We also must comply with complex and changing tax regimes in the jurisdictions where we operate our business.

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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.

This subsidiary is the principal underwriter and distributor for our sponsored U.S.

mutual funds and exchange-

traded funds, and may also offer and make recommendations for certain funds that are not offered to the general public such as privately placed funds.

subsidiary is the principal underwriter and distributor for our sponsored U.S.

mutual funds and exchange-traded funds, and may also offer and make recommendations for certain funds that are not offered to the general public such as privately placed funds.

Investors may open a brokerage account with TRPIS in order to buy and sell securities.

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Each of our subsidiary's net capital, as defined, meets or exceeds all minimum requirements as of December 31, 2024.

For further discussion of the potential impact of current or proposed legal or regulatory requirements, please see the Legal and Regulatory risk factors included in Item 1A of this Form 10-K.

For further discussion of the potential impact of current or proposed legal or regulatory requirements, please see the Legal and Regulatory risk factors included in Item 1A.

of this Form 10-K.

As a member of the financial services industry, we are subject to substantial competition in all aspects of our business.

A significant number of proprietary and other sponsors’ mutual funds are sold to the public by other investment management firms, broker-dealers, mutual fund companies, banks, and insurance companies.

We compete with brokerage and investment banking firms, insurance companies, banks, mutual fund companies, hedge funds, and other financial institutions and funds in all aspects of our business and in every country in which we offer our products and services.

Some of these financial institutions have greater resources than we do.

A significant number of proprietary and other sponsors’ investment products are sold to the public by other investment management firms, broker-dealers, mutual fund companies, banks, and insurance companies.

We compete with brokerage and investment banking firms, insurance companies, banks, traditional and alternative asset management companies, hedge funds, and other financial institutions and funds in all aspects of our business and in every country in which we offer our products and services.

Some of these financial institutions have greater resources, may have more developed brand awareness in particular markets, or offer additional services to clients than we do.

We compete with other providers of investment advisory services based primarily on the availability and objectives of the investment products offered, investment performance, fees and related expenses, and the scope and quality of investment advice and other client services.

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HUMAN CAPITAL.

Rowe Price, our people set us apart.

We thrive because our company culture is based on collaboration and diversity.

We believe that our culture of collaboration enables us to identify opportunities others might overlook.

Our associates’ knowledge, insight, enthusiasm, and creativity are the reason our clients succeed and our firm excels.

In order to attract and retain the highest quality talent, we develop key talent and succession plans, invest in firm diversity and inclusion initiatives, provide opportunities for our associates to learn and grow, and provide strong, competitive, and regionally specific benefits and programs that promote the health and wellness of our associates, both personally and financially.

At December 31, 2023, we employed 7,906 associates, an increase of 0.5% from the 7,868 associates employed at the end of 2022.

We may add temporary and part-time personnel to our staff from time to time to meet periodic and special project demands, primarily for technology and collective investment fund administrative services.

Rowe Price, our people are our greatest asset.

Our culture of collaboration, diversity and inclusion enables us to identify and challenge our best ideas to arrive at well-informed decisions for our clients.

To attract and retain the highest quality talent, we invest in the associate experience and develop talent and succession plans;

deliver individual and firmwide training and development opportunities for our associates to learn and grow;

and provide strong, competitive, and regionally specific benefits and programs that promote the health and wellness of our associates.

As of December 31, 2024, we employed 8,158 associates, an increase of 3.2% from the 7,906 associates employed at the end of 2023.

We add temporary and part-time personnel to complement our staff from time to time to meet periodic and special project demands, primarily for technology and collective investment fund administrative services.

Investing In Our People

We seek to help our clients achieve their long-term investment goals.

In order to do this, we are committed to helping our associates achieve their long-term career goals.

We continuously seek to identify new opportunities for our associates to expand their experience and grow their skills.

As a result of our associates developing these skills we are able to promote from within, with more than 35% of our open positions being filled by internal applicants, and

all of our portfolio managers having been promoted from within.

We are committed to the professional growth of our associates through the development of their knowledge, skills and experience, by providing them access to in-person, virtual and online training programs and by offering a generous tuition reimbursement program.

We believe a critical driver of our firm’s future growth is our ability to grow leaders.

Reflecting this, we have held a series of leadership speaker events and offer access to virtual programs focused on leadership development led by professors at leading universities.

Hiring Diverse Talent

Having a diverse and inclusive workforce and providing an equal opportunity to all associates is a business and cultural imperative.

Our diversity, equity, and inclusion initiatives have garnered recognitions, including World's Most Admired Companies from Fortune, Barron's 100 Most Sustainable Companies and America's Most Responsible Companies from Newsweek.

We also continue to be a top company for LGBTQ+ equality by the Human Rights Campaign Foundation.

Although we have made progress in our workforce diversity representation, we seek to continuously improve in this area.

Our priority is to increase our hiring, retention and development of talent from groups that are underrepresented in asset management;

including both ethnically diverse associates and women.

At the end of 2023, female associates held 32.5% of senior roles globally and ethnically diverse associates held 19.8% of senior roles in the U.S.

For every open role at the firm, our goal is that at least 40% of interviewed candidates will be female and/or ethnically diverse, and during 2023, 65% of the candidates were ethnically diverse and/or female.

In an effort to be more transparent, we publish our EEO data on our website at https://www.troweprice.com/corporate/us/en/what-sets-us-apart/diversity-and-inclusion.html.

In addition, during 2023, we published our sustainability report which included transparency into our diversity, equity and inclusion data, a copy of which can be found on our website at https://www.troweprice.com/corporate/us/en/what-we-do/esg-approach/esg-corporate.html.

Set forth below is our diversity information as of December 31, 2023, grouped by division.

The data excludes information about the employees of OHA.

Investments Group Diversity Breakdown

Gender Representation - Global Population Ethnically Diverse - US Population Only

Female Male Total Ethnically Diverse Non- Ethnically Diverse Total

Investments Group 28% 72% 968 24% 76% 683

Portfolio Managers 14% 86% 171 15% 85% 126

Analysts 30% 70% 361 37% 63% 247

Traders 26% 74% 97 21% 79% 66

All Other Roles 35% 65% 339 16% 84% 244

Global Distribution and Global Product Group Diversity Breakdown

Gender Representation - Global Population Ethnically Diverse - US Population Only

Female Male Total Ethnically Diverse Non- Ethnically Diverse Total

Global Distribution & Global Product 48% 52% 2,927 30% 71% 2,636

Senior Level* 35% 65% 537 16% 84% 438

All Others 51% 49% 2,390 32% 68% 2,198

Corporate Functions Group Diversity Breakdown

Gender Representation - Global Population Ethnically Diverse - US Population Only

Female Male Total Ethnically Diverse Non- Ethnically Diverse Total

Corporate Functions 45% 55% 3,590 35% 65% 2,865

Senior Level* 43% 57% 462 20% 80% 358

All Others 45% 55% 3,128 37% 63% 2,507

* Senior Level is defined as people leaders and individual contributors with significant business or functional responsibility.

To help our clients achieve their long-term investment goals, we help our associates achieve their long-term career goals.

We continuously seek to identify new opportunities for our associates to expand their experience and grow their skills while cultivating an environment that allows them to be and bring their best selves to work every day.

As a result of our associates developing these skills, we can promote from within.

We fill approximately one-third of our open positions with internal applicants, and most of our portfolio managers have been promoted from within.

We facilitate the professional development of our associates by advancing their knowledge, skills, and experience;

providing them access to in-person, virtual, and online training programs;

and offering a generous tuition reimbursement program.

Our comprehensive learning platform allows associates to grow in ways that matter to them, while offering customized and bespoke learning paths to build critical capabilities that advance our business priorities.

We encourage associates to participate in one of the four mentorship programs offered by the firm, which include mentoring, reciprocal mentoring, and mentor circle programs.

Launched in 2022 and continuously enhanced, T.

Rowe Price’s mentorship program enrollment has grown across the firm.

We believe a critical driver of our firm’s future growth is our ability to cultivate leaders.

Our leaders balance business credibility, accountability, and leadership capability to maximize potential, drive client value, and activate our culture.

Reflecting this, we offer leadership experiences that include a series of leadership speaker events and access to virtual and in-person leadership development programs led by professors at leading universities and institutions.

Attracting and Retaining Talent

We recruit and engage candidates with different backgrounds and experiences who bring new perspectives.

Our talent acquisition team continually enhances our recruitment and outreach strategies for all qualified applicants.

Our talent strategy has garnered recognitions, including Forbes’ World’s Best Employers, World's Most Admired Companies from Fortune, Top Workplaces Culture Excellence from Energage, and America's Most Responsible Companies from Newsweek, among others.

We publish our Equal Employment Opportunity ("EEO") data on our website at https://www.troweprice.com/content/dam/trowecorp/Pdfs/eeo-fact-sheet.pdf.

In addition, we publish our annual sustainability report, which includes transparency into our data, a copy of which can be found on our website at https://www.troweprice.com/corporate/us/en/what-we-do/esg-approach/esg-corporate.html.

Offering Benefits to Further Our Commitment

We offer employee benefit solutions, including both health care and retirement benefits, where applicable;

fitness club reimbursement;

life insurance;

and an Employee Assistance Program to support well-being.

Benefit competitiveness and design is assessed for a given country, and offerings reflect our global principles and local market practice.

For example, retirement programs are uniquely designed to support associates in meeting retirement goals while also reflecting regional and country-specific practices in APAC, EMEA, and North America.

Focus on Family

We have always emphasized the importance of spending quality time away from work.

In addition to generous vacation time, the firm offers fully paid maternity leave for birth mothers and fully paid parental leave to all new mothers and fathers.

We also provide adoption assistance to associates looking to expand their families.

In the U.S., the UK, and Canada, we offer our associates backup childcare and elder care.

We also launched an APAC Family Program working group designed to support working parents and caregivers throughout the region in the workplace.

AVAILABLE INFORMATION.

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These disclosures will be included in the Investor Relations section of our website, investors.troweprice.com.

We make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act, available free of charge in this section of our website as soon as reasonably practicable after they have been filed with the SEC.

We make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to

Section 13(a) of the Exchange Act, available free of charge in this section of our website as soon as reasonably practicable after they have been filed with the SEC.

In addition, our website includes the following information:

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business