T. Rowe Price Group, Inc. (TROW): Business Model Canvas

In der dynamischen Welt der Finanzdienstleistungen gilt die T. Rowe Price Group, Inc. (TROW) als Vorreiter innovativer Anlagestrategien und navigiert meisterhaft durch die komplexe Landschaft der Vermögensverwaltung. Durch die nahtlose Verbindung modernster Technologie, umfassender Finanzexpertise und eines kundenorientierten Ansatzes hat sich dieses globale Investmentunternehmen eine besondere Nische bei der Bereitstellung umfassender, leistungsorientierter Lösungen geschaffen, die den unterschiedlichen Bedürfnissen der Anleger gerecht werden. Von vermögenden Privatpersonen bis hin zu institutionellen Großkonzernen enthüllt das Business Model Canvas von T. Rowe Price einen ausgeklügelten Entwurf, der finanzielle Komplexität in strategische Chancen umwandelt, und lädt die Leser ein, die komplizierten Mechanismen hinter einem der angesehensten Investmentmanagementunternehmen der Branche zu erkunden.

T. Rowe Price Group, Inc. (TROW) – Geschäftsmodell: Wichtige Partnerschaften

Finanzinstitute und Broker-Dealer

T. Rowe Price unterhält strategische Partnerschaften mit folgenden Finanzinstituten:

Partnerinstitution	Partnerschaftstyp	Umfang der Zusammenarbeit
Charles Schwab	Vertriebspartner	Vertrieb von Investmentfonds und Anlageprodukten
Fidelity Investments	Plattformpartner	Angebot von Anlageprodukten und Plattformzugang
Morgan Stanley	Institutioneller Investmentpartner	Vermögensverwaltungs- und Anlagelösungen

Institutionelle Investmentberatungsunternehmen

Zu den wichtigsten Partnerschaften gehören:

• Mercer Consulting
• Cambridge Associates
• Pensionsberatungsallianz

Globale Technologie- und Softwareanbieter

Technologiepartnerschaften umfassen:

Technologiepartner	Technologiefokus	Umsetzungsjahr
Blackrock Aladdin	Risikomanagementplattform	2019
Microsoft Azure	Cloud-Computing-Infrastruktur	2020
Salesforce	Kundenbeziehungsmanagement	2018

Strategische Investment-Research-Mitarbeiter

Zu den Forschungskooperationspartnern gehören:

• MSCI-Forschung
• Bloomberg Intelligence
• Morningstar-Forschung

Gesamtgröße des Partnerschaftsnetzwerks: 47 strategische Partnerschaften im gesamten globalen Finanzökosystem

T. Rowe Price Group, Inc. (TROW) – Geschäftsmodell: Hauptaktivitäten

Investmentmanagement- und Beratungsdienste

Im vierten Quartal 2023 verwaltete T. Rowe Price ein verwaltetes Vermögen von 1,41 Billionen US-Dollar. Das Unternehmen bietet Anlageverwaltungsdienstleistungen für mehrere Anlageklassen an:

Anlageklasse	Gesamtvermögen
Aktienstrategien	812 Milliarden US-Dollar
Fixed-Income-Strategien	398 Milliarden US-Dollar
Multi-Asset-Strategien	210 Milliarden Dollar

Portfolioentwicklung und Vermögensallokation

Zu den wichtigsten Portfolioentwicklungsaktivitäten gehören:

• Strategische Vermögensallokation über 25 Anlagestrategien
• Risikomanagement für über 4.500 institutionelle und individuelle Kundenportfolios
• Diversifizierung über globale Märkte

Finanzforschung und Marktanalyse

Die Forschungsinfrastruktur umfasst:

• Über 230 Investmentprofis weltweit
• Forschungsabdeckung in über 45 Ländern
• Jährliche Forschungsausgaben von 180 Millionen US-Dollar

Kundenbeziehungsmanagement

Kundensegment	Anzahl der Kunden
Institutionelle Kunden	2,300+
Einzelinvestoren	1,2 Millionen+

Digitale Plattform und Technologieinnovation

Kennzahlen für Technologieinvestitionen:

• Jährliche Technologieausgaben: 250 Millionen US-Dollar
• Digitale Plattform, die 100 % der Anlagestrategien abdeckt
• Investition in Cybersicherheit: 45 Millionen US-Dollar pro Jahr

T. Rowe Price Group, Inc. (TROW) – Geschäftsmodell: Schlüsselressourcen

Erfahrene Investment-Management-Experten

Zum 31. Dezember 2023 beschäftigte T. Rowe Price weltweit 7.452 Mitarbeiter. Die Zahl der Anlageexperten betrug 692 und sie verfügten über eine durchschnittliche Branchenerfahrung von 16 Jahren.

Professionelle Kategorie	Anzahl der Fachkräfte
Portfoliomanager	362
Forschungsanalysten	330

Eigene Forschungs- und Analysefunktionen

T. Rowe Price behauptet umfangreiche eigene Forschungsinfrastruktur mit jährlichen Forschungsinvestitionen von 215 Millionen US-Dollar im Jahr 2023.

• Globales Forschungsteam, das über 50 Länder abdeckt
• Spezielle Forschungszentren in Baltimore, London, Hongkong und Singapur
• Proprietäre quantitative und fundamentale Forschungsplattformen

Robuste Technologieinfrastruktur

Die Technologieinvestitionen beliefen sich im Geschäftsjahr 2023 auf insgesamt 387 Millionen US-Dollar und unterstützten fortschrittliche digitale Plattformen.

Technologie-Investitionsbereich	Zuordnung
Entwicklung digitaler Plattformen	142 Millionen Dollar
Cybersicherheit	95 Millionen Dollar
Datenanalyse	150 Millionen Dollar

Starker Markenruf

T. Rowe Price verwaltet zum 31. Dezember 2023 ein Vermögen von 1,40 Billionen US-Dollar und kann auf eine 45-jährige Erfolgsbilanz bei der Anlageperformance zurückblicken.

Umfangreiches globales Investmentnetzwerk

Globale Präsenz in 18 Ländern mit Investitionstätigkeiten in wichtigen Finanzmärkten.

• Niederlassungen in Nordamerika, Europa, Asien und Australien
• Anlagemöglichkeiten in über 25 Anlageklassen
• Kundenstamm in 52 Ländern

T. Rowe Price Group, Inc. (TROW) – Geschäftsmodell: Wertversprechen

Umfassende Anlagelösungen für alle Anlageklassen

T. Rowe Price verwaltet zum 31. Dezember 2023 weltweit Vermögenswerte in Höhe von 1,39 Billionen US-Dollar. Das Unternehmen bietet Anlagelösungen für mehrere Anlageklassen an:

Anlageklasse	Gesamtes verwaltetes Vermögen
Aktienfonds	812 Milliarden US-Dollar
Rentenfonds	403 Milliarden US-Dollar
Multi-Asset-Fonds	175 Milliarden Dollar

Langfristige leistungsorientierte Anlagestrategien

Leistungskennzahlen für T. Rowe Price-Fonds:

• 5-Jahres-Durchschnittsperformance des Fonds: 10,2 %
• 10-Jahres-Durchschnittsperformance des Fonds: 12,5 %
• Anzahl der Fonds, die den Kategoriemedian übertreffen: 78 %

Personalisierte Vermögensverwaltungsdienste

Leistungsangebote im Bereich Vermögensverwaltung:

Servicekategorie	Gesamtvermögen des Kunden
Individuelle Altersvorsorgekonten	345 Milliarden US-Dollar
Institutionelle Altersvorsorgedienste	512 Milliarden US-Dollar
Private Vermögensverwaltung	87 Milliarden Dollar

Transparenter und disziplinierter Anlageansatz

Fähigkeiten im Bereich Investment Research:

• Globale Research-Analysten: 468
• Durchschnittliche Erfahrung als Research-Analyst: 14 Jahre
• Abdeckung durch firmeneigenes Research: 95 % des Anlageuniversums

Vielfältiges Angebot an Investmentfonds und Altersvorsorgeprodukten

Aufschlüsselung des Produktportfolios:

Produktkategorie	Anzahl der Fonds	Gesamtvermögen
Investmentfonds	183	892 Milliarden US-Dollar
Fonds zum Ruhestandszieldatum	36	247 Milliarden US-Dollar
Altersvorsorgefonds	12	76 Milliarden Dollar

T. Rowe Price Group, Inc. (TROW) – Geschäftsmodell: Kundenbeziehungen

Engagierte persönliche Finanzberater

Ab 2024 beschäftigt T. Rowe Price 1.200 Finanzberater in seinen weltweiten Niederlassungen. Die Firma verwaltet 1,4 Billionen US-Dollar an Vermögenswerten mit individueller Beratung.

Beraterkategorie	Anzahl der Berater	Durchschnittliches Kundenvermögen
Institutionelle Berater	350	425 Millionen Dollar
Finanzberater für Privatkunden	850	75 Millionen Dollar

Digitale Self-Service-Investmentplattformen

Die digitale Plattform T. Rowe Price dient 2,3 Millionen aktive digitale Nutzer mit Online-Anlageverwaltungsfunktionen.

• Downloads mobiler Apps: 1,1 Millionen
• Online-Kontoverwaltung: 92 % der Kunden
• Digitales Transaktionsvolumen: 215 Milliarden US-Dollar jährlich

Regelmäßige Leistungsberichterstattung und Kommunikation

Die Häufigkeit der Kommunikation mit Kunden umfasst vierteljährliche Leistungsberichte und monatliche Markteinblicke.

Kommunikationstyp	Häufigkeit	Prozentsatz der Kunden
Vierteljährliche Berichte	4 Mal im Jahr	100%
Monatliche Markteinblicke	12 Mal im Jahr	85%

Maßgeschneiderte Anlageberatungen

T. Rowe Price bietet personalisierte Anlagestrategien für unterschiedliche Kundensegmente.

• Beratungen für vermögende Kunden: 12.000 pro Jahr
• Durchschnittliche Beratungsdauer: 2,5 Stunden
• Anpassungsrate: 94 % der Beratungen

Kundenschulung und Unterstützung bei der Finanzplanung

Bildungsressourcen und Unterstützung bei der Finanzplanung sind integraler Bestandteil der Kundenbeziehungsstrategie von T. Rowe Price.

Bildungsressource	Jährliches Engagement	Versandart
Webinare	240 Sitzungen	Online
Investment-Workshops	180 Veranstaltungen	Persönlich/virtuell
Leitfäden zur Finanzplanung	48 Veröffentlichungen	Digital/Druck

T. Rowe Price Group, Inc. (TROW) – Geschäftsmodell: Kanäle

Online-Investitionsplattformen

T. Rowe Price bietet digitale Anlageplattformen mit 1,81 Millionen Privatanlegerkonten (Stand: 31. Dezember 2022). Die Plattform unterstützt über Online-Kanäle ein verwaltetes Gesamtvermögen von 1,39 Billionen US-Dollar.

Plattformfunktion	Metriken
Eröffnung eines digitalen Kontos	Vollständig digitaler Prozess mit einer Online-Abschlussquote von 97 %
Online-Handelsplattformen	Unterstützt über 500 Investmentfonds und ETF-Transaktionen
Digitale Benutzerbasis	1,81 Millionen Einzelanlegerkonten

Finanzberaternetzwerke

T. Rowe Price arbeitet landesweit mit mehr als 300.000 Finanzberatern zusammen und vertreibt Anlageprodukte über institutionelle Kanäle und Altersvorsorgekanäle.

• Institutionelles Beraternetzwerk, das 48 Staaten abdeckt
• 1,08 Billionen US-Dollar werden über Beraterkanäle verwaltet
• Umfassende Plattform zur Beraterunterstützung

Direktvertriebsteams

Das Unternehmen beschäftigt 1.200 institutionelle Vertriebsmitarbeiter, die sich an institutionelle Anleger, Pensionsfonds und betriebliche Altersvorsorgepläne wenden.

Vertriebsteam-Segment	Abdeckung
Institutionelle Vertriebsmitarbeiter	1.200 Fachkräfte
Vermögen institutioneller Kunden	827,2 Milliarden US-Dollar

Mobile Anlageanwendungen

Die mobile Anwendung von T. Rowe Price unterstützt 650.000 aktive mobile Benutzer mit Echtzeit-Investitionsverfolgungs- und Transaktionsfunktionen.

• Downloadraten mobiler Apps: 275.000 jährliche Downloads
• Engagement der mobilen Nutzer: 78 % monatlich aktive Nutzer
• Unterstützt iOS- und Android-Plattformen

Unternehmenswebsite und digitale Kommunikation

Die Unternehmenswebsite verzeichnet monatlich 2,3 Millionen einzelne Besucher und bietet umfassende Investment-Research- und Kontoverwaltungstools.

Digitale Kommunikationsmetrik	Leistung
Monatliche Website-Besucher	2,3 Millionen einzelne Besucher
Digitale Inhaltsseiten	Über 3.700 Investment-Research-Seiten
Unterstützung der Website-Sprache	Englisch, Spanisch, Mandarin

T. Rowe Price Group, Inc. (TROW) – Geschäftsmodell: Kundensegmente

Vermögende Privatanleger

Im vierten Quartal 2023 betreut T. Rowe Price etwa 1,3 Millionen Privatanlegerkonten. Der durchschnittliche Kontostand vermögender Kunden beträgt 587.000 US-Dollar.

Anlegersegment	Gesamtkonten	Durchschnittlicher Kontowert
Vermögende Privatpersonen	1,300,000	$587,000

Institutionelle Anleger

T. Rowe Price verwaltet 1,76 Billionen US-Dollar in institutionellen Vermögenswerten zum 31. Dezember 2023.

• Zu den institutionellen Kunden zählen Pensionsfonds
• Staatsfonds
• Stiftungen
• Stiftungen

Sponsoren von Altersvorsorgeplänen

Das Unternehmen bedient 5.200 Sponsoren von Altersvorsorgeplänen mit einem gesamten Altersguthaben von 503 Milliarden US-Dollar.

Kategorie der Altersvorsorge	Anzahl der Sponsoren	Gesamtvermögen
betriebliche Altersvorsorge	5,200	503 Milliarden US-Dollar

betriebliche Altersvorsorgeprogramme

T. Rowe Price bietet Altersvorsorgelösungen für 3.750 Firmenkunden, mit einer durchschnittlichen Plangröße von 135 Millionen US-Dollar.

Globale Finanzinstitutionen

Das Unternehmen betreut Finanzinstitute auf der ganzen Welt 44 Ländermit einem internationalen Vermögen von insgesamt 412 Milliarden US-Dollar.

Geografische Reichweite	Belieferte Länder	Internationale Vermögenswerte
Globale Finanzinstitutionen	44	412 Milliarden US-Dollar

T. Rowe Price Group, Inc. (TROW) – Geschäftsmodell: Kostenstruktur

Vergütung und Zusatzleistungen für Mitarbeiter

Laut dem Geschäftsbericht 2022 beliefen sich die gesamten Vergütungs- und Sozialaufwendungen von T. Rowe Price auf 1,74 Milliarden US-Dollar, was einen erheblichen Teil der Betriebskosten darstellt.

Ausgabenkategorie	Betrag (2022)
Gesamtvergütung	1,74 Milliarden US-Dollar
Gehälter	1,02 Milliarden US-Dollar
Leistungsorientierte Vergütung	532 Millionen US-Dollar
Leistungen und andere Vergütungen	186 Millionen Dollar

Wartung der Technologieinfrastruktur

Die Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2022 auf etwa 312 Millionen US-Dollar.

• Cloud-Computing-Infrastruktur: 98 Millionen US-Dollar
• Cybersicherheitssysteme: 67 Millionen US-Dollar
• Wartung von IT-Hardware und -Software: 147 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Investitionen beliefen sich im Jahr 2022 auf insgesamt 156 Millionen US-Dollar und konzentrierten sich auf Investitionsstrategie und technologische Innovation.

F&E-Schwerpunktbereich	Investitionsbetrag
Investitionsanalyse	82 Millionen Dollar
Entwicklung digitaler Plattformen	74 Millionen Dollar

Aufwendungen für Marketing und Kundenakquise

Die Marketingausgaben für 2022 beliefen sich auf 124 Millionen US-Dollar.

• Digitales Marketing: 53 Millionen US-Dollar
• Traditionelle Werbung: 41 Millionen US-Dollar
• Kundenbeziehungsmanagement: 30 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2022 auf 87 Millionen US-Dollar.

Compliance-Bereich	Kosten
Rechtliche und regulatorische Berichterstattung	42 Millionen Dollar
Compliance-Technologie	31 Millionen Dollar
Compliance-Schulung	14 Millionen Dollar

T. Rowe Price Group, Inc. (TROW) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren aus Anlageprodukten

Im Jahr 2023 meldete T. Rowe Price Gesamteinnahmen aus der Anlageberatung in Höhe von 6,1 Milliarden US-Dollar. Das Unternehmen verwaltet ein verwaltetes Vermögen von rund 1,4 Billionen US-Dollar und generiert konsistente Einnahmen aus Verwaltungsgebühren für verschiedene Anlageprodukte.

Produktkategorie	Verwaltetes Vermögen	Durchschnittlicher Verwaltungsgebührensatz
Investmentfonds	798 Milliarden US-Dollar	0.64%
Altersvorsorgefonds	412 Milliarden US-Dollar	0.45%
Institutionelle Konten	190 Milliarden Dollar	0.35%

Leistungsabhängige Beratungsgebühren

Im Jahr 2023 erwirtschaftete T. Rowe Price etwa 187 Millionen US-Dollar an erfolgsabhängigen Beratungsgebühren, was 3,1 % der gesamten Anlageberatungseinnahmen entspricht.

Einnahmen aus der Verwaltung von Investmentfonds

Die Einnahmen aus der Verwaltung von Investmentfonds beliefen sich im Jahr 2023 auf insgesamt 3,9 Milliarden US-Dollar. Zu den wichtigsten Fondskategorien gehören:

• Aktienfonds: 2,4 Milliarden US-Dollar
• Rentenfonds: 890 Millionen US-Dollar
• Hybridfonds: 610 Millionen US-Dollar

Verwaltungsgebühren für Altersvorsorgepläne

Die Verwaltung von Altersvorsorgeplänen erwirtschaftete im Jahr 2023 einen Umsatz von 672 Millionen US-Dollar und betreute etwa 2,3 Millionen Teilnehmerkonten.

Gebühren für Anlageberatungsleistungen

Die Anlageberatungsdienstleistungen trugen im Jahr 2023 214 Millionen US-Dollar zum Gesamtumsatz bei, wobei der Schwerpunkt auf der Beratung institutioneller und individueller Kunden lag.

Servicekategorie	Einnahmen	Kundensegment
Institutionelle Beratung	156 Millionen Dollar	Pensionsfonds, Unternehmen
Individuelle Beratungsleistungen	58 Millionen Dollar	Vermögende Privatpersonen

T. Rowe Price Group, Inc. (TROW) - Canvas Business Model: Value Propositions

You're looking at the core promises T. Rowe Price Group, Inc. makes to its clients as of late 2025. These aren't just marketing slogans; they are backed by trillions in assets and specific performance metrics.

Active management aiming for consistent long-term outperformance.

The firm's value proposition centers on investment excellence derived from independent proprietary research. For instance, looking at the second quarter of 2025 results, over half of T. Rowe Price Group, Inc.'s funds beat their peer groups across the three, five, and ten-year time horizons. When you look at it on an asset-weighted basis for that same period, the numbers were even stronger: 65% of assets beat peer group medians over three years, 58% over five years, and 78% over ten years. This focus on long-term results is what clients rely on, even when facing short-term market shifts, such as the net client outflows of $7.9 billion experienced in the third quarter of 2025.

Retirement leadership: two-thirds of AUM is retirement-related.

T. Rowe Price Group, Inc. is deeply entrenched in retirement planning, a fact reflected in its massive scale. As of September 30, 2025, the firm was entrusted with managing $1.77 trillion in client assets, and about two-thirds of that AUM is tied to retirement solutions. This specialization is concrete: the Target Date Retirement Portfolios alone held $553 billion in assets as of that same date. This isn't a side business; it's the main event. The mission statement itself centers on helping clients succeed by providing investment excellence and retirement expertise.

The asset composition as of the end of the third quarter of 2025 illustrates the breadth of their offerings:

Asset Class	AUM (in billions)
Equity	$885
Fixed income, including money market	$208
Multi-asset	$618
Alternatives	$56
Total assets under management	$1,767
Target date retirement portfolios	$553

Diversified product suite including mutual funds, ETFs, and alternatives.

You see the diversification in the table above, covering traditional asset classes alongside specialized areas. The firm continues to grow its ETF business; in the first half of 2025, they saw over $6 billion in inflows to their ETFs. Furthermore, the effective fee rate, excluding performance-based fees, was 39.6 basis points as of the second quarter of 2025, showing a mix that includes lower-fee products alongside their actively managed strategies.

Access to private market and alternative strategies via new partnerships.

T. Rowe Price Group, Inc. actively expands its capabilities through strategic moves. For example, the firm announced a strategic collaboration with Goldman Sachs during the third quarter of 2025, creating an opportunity to bring innovative new solutions to market for clients. This type of partnership is key to enhancing their service offerings, especially in areas like alternatives, which stood at $56 billion in AUM as of September 30, 2025.

Personalized financial advice and planning tools for retail investors.

While specific retail user adoption numbers aren't public, the focus on retirement leadership inherently serves the retail investor base. The firm provides participant accounting and plan administration for retirement plans that primarily invest in their products. As of September 30, 2025, the assets under administration for these plans were $315 billion, of which $178 billion was assets T. Rowe Price Group, Inc. actually manages. This infrastructure supports the delivery of advice and planning tools to millions of investors globally.

Finance: draft 13-week cash view by Friday.

T. Rowe Price Group, Inc. (TROW) - Canvas Business Model: Customer Relationships

You're looking at how T. Rowe Price Group, Inc. manages its connections across its diverse client base as of late 2025. Honestly, the relationship strategy is built on scale, given they are entrusted with managing $1.79 trillion in client assets as of October 31, 2025, across millions of clients globally.

The firm's approach segments its relationship efforts based on the client type, moving from highly personalized service to broad digital self-service.

Dedicated Private Asset Management for High-Net-Worth (HNW) clients.

While specific HNW client counts aren't public, the structure suggests a dedicated, high-touch service model. The firm serves Wealth Managers, which points to a segment requiring bespoke solutions beyond the retail or standard institutional offerings. This relationship is characterized by deep consultation, similar to how they engage with large institutional mandates, ensuring tailored investment strategies are deployed for these sophisticated, high-net-worth relationships.

Self-service digital tools and educational content for direct investors.

For the individual investor segment, the relationship is primarily digital and content-driven. T. Rowe Price empowers millions of investors worldwide, relying on digital platforms for day-to-day interaction. The firm offers educational content, such as insights from its 2025 U.S. Retirement Market Outlook, to help self-directed clients make informed choices. The firm's long-standing focus on investment excellence and independent proprietary research forms the backbone of the content provided to this segment.

Retirement Advisory Service providing personalized financial plans.

This service represents a significant, personalized touchpoint within the direct investor channel. T. Rowe Price was recognized as one of the best financial advisory firms of 2025, a ranking that considered client recommendations. The firm's core business is heavily weighted toward retirement, with about two-thirds of its total AUM being retirement-related. This service helps participants navigate their long-term goals, which is critical given the scale of their retirement business.

Relationship managers and sales teams for institutional and intermediary channels.

This channel relies on dedicated professionals to manage relationships with large entities. The firm actively deepens engagements with institutional investors, as evidenced by recent leadership appointments focused on Institutional Distribution in key regions like Australia and New Zealand. The scale of their institutional presence is vast; for instance, T. Rowe Price Investment Management, Inc. reported holding 10.5% of a major utility company's stock as of November 30, 2025, illustrating the magnitude of assets managed for these clients. The firm has been serving Australian institutional investors for over 20 years.

High-touch, consultative approach for plan sponsors and consultants.

The relationship with plan sponsors is consultative, focusing on evolving plan design, such as Qualified Default Investment Alternatives (QDIAs) and retirement income solutions, as highlighted in their 2025 Outlook. The firm's 2025 Reference Point report analyzes data from more than 2 million active workplace retirement plan participants where T. Rowe Price acts as the recordkeeper, showing the breadth of this consultative relationship. Consultants and advisors are deemed essential in helping plan sponsors select tailored retirement income capabilities.

Here's a quick look at the asset scale underpinning these relationships as of late 2025:

Metric	Value as of 10/31/2025	Value as of 09/30/2025	Value as of 08/31/2025
Total Assets Under Management (AUM)	$1.79 trillion	$1.767 trillion	$1.73 trillion
Target Date Retirement Portfolios AUM	N/A	$553 billion	$538 billion
Retirement-Related AUM (Approximate)	About two-thirds of total	About two-thirds of total	About two-thirds of total

The firm's relationship strategy is clearly bifurcated: deep, consultative partnerships for institutional and HNW segments, and scalable, digital/advisory support for the millions of individual investors, especially those saving for retirement.

Finance: draft 13-week cash view by Friday.

T. Rowe Price Group, Inc. (TROW) - Canvas Business Model: Channels

You're looking at how T. Rowe Price Group, Inc. gets its investment products and services into the hands of clients. The firm uses a multi-pronged distribution strategy, which is typical for a global asset manager of its size, blending direct digital access with deep relationships across the professional financial advice ecosystem.

The scale of T. Rowe Price Group, Inc.'s operations as of late 2025 is substantial. As of October 31, 2025, the firm was entrusted with managing $1.79 trillion in client assets globally. To give you a sense of the overall structure, about two-thirds of this total Assets Under Management (AUM) is retirement-related.

Here's a look at the key channels T. Rowe Price Group, Inc. employs to reach its diverse client base.

Direct-to-Consumer Platform (Website, Mobile App, Call Centers)

This channel serves individual investors directly. While specific metrics on the number of direct retail accounts aren't public in the latest reports, this channel is a core component alongside their advice solutions like the Retirement Advisory Service^TM and the ActivePlus Portfolios® Program. The firm supports this with dedicated digital access points, including their website and mobile application, for self-directed investors.

Financial Intermediaries (Broker-Dealers, RIAs, Wirehouses)

This represents a significant portion of the business, particularly for mutual fund and ETF distribution. T. Rowe Price Group, Inc. maintains relationships with financial intermediaries across the Americas, EMEA, and APAC regions. These intermediaries, including Registered Investment Advisors (RIAs) and broker-dealers, distribute T. Rowe Price Group, Inc.'s mutual funds and ETFs to their underlying clients. The firm's focus on actively managed ETFs, which recently crossed $20 billion in AUM, is often facilitated through these intermediary networks.

Institutional Sales (Direct Sales to Pension Funds and Endowments)

The institutional segment is a major focus, evidenced by ongoing organizational efforts to deepen engagement with these sophisticated clients. As of August 31, 2025, the firm managed $1.73 trillion in AUM, with about two-thirds being retirement-related, suggesting a massive institutional footprint in pension and sovereign wealth funds. The firm actively services institutional consultants across Asia Pacific and is focused on delivering tailored solutions across equities, fixed income, and alternatives to these large asset owners.

Exchange-Traded Funds (ETFs) Trading on the NASDAQ Exchange

T. Rowe Price Group, Inc.'s actively managed ETF suite is a growing distribution mechanism, trading on the NASDAQ exchange. As of November 2025, the firm's total ETF AUM surpassed $20 billion. By June 2025, the firm had expanded its roster to 22 active, transparent ETF offerings. The T. Rowe Price Capital Appreciation Equity ETF (TCAF) alone had seen its AUM rise above $6 billion. In the quarter leading up to November 2025, their ETFs pulled in almost $2 billion in net inflows.

Retirement Plan Services Recordkeeping Platform

This is a distinct channel where T. Rowe Price Group, Inc. acts as the recordkeeper for defined contribution plans. The 2025 Reference Point report broke down data from more than 2 million active workplace retirement plan participants using their recordkeeping services. The firm highlights over 40+ years of retirement services experience. The Target Date Retirement Portfolios, a key offering within this channel, stood at $553 billion in AUM as of September 30, 2025.

Here's a snapshot of the scale, using the latest available AUM data for context:

Metric	Value	Date
Total Assets Under Management	$1.79 trillion	October 31, 2025
Retirement-Related AUM (Approximate)	Approx. $1.193 trillion (Two-thirds of total)	October 31, 2025
Target Date Retirement Portfolios AUM	$553 billion	September 30, 2025
Total ETF AUM	$20.72 billion	Late 2025
Number of Active ETFs	22	June 12, 2025
Active Workplace Retirement Participants (Recordkeeping)	More than 2 million	2025

The firm's commitment to this channel is underscored by its 97% client retention rate in 2023, based on a three-year average. They offer specific recordkeeping solutions like Essential Choice® for plans with $0 to $5 million in assets.

The overall distribution strategy relies on a strong brand reputation, which helps drive flows across all these avenues. For instance, T. Rowe Price Group, Inc. saw preliminary net outflows of $2.0 billion in September 2025, but the total AUM remained high at $1.77 trillion. This shows the stickiness of the assets managed, even with market movements. Finance: draft 13-week cash view by Friday.

T. Rowe Price Group, Inc. (TROW) - Canvas Business Model: Customer Segments

You're looking at the core client base for T. Rowe Price Group, Inc. as of late 2025. The firm manages substantial assets, with preliminary month-end Assets Under Management (AUM) hitting $1.79 trillion as of October 31, 2025. About two-thirds of this total AUM is retirement-related.

The customer segments are clearly delineated, though some figures are based on the most recent detailed breakdown from Q2 2025, which showed total AUM at $1.68 trillion.

Segment Breakdown and Scale

T. Rowe Price Group, Inc. serves distinct client types, which can be broadly categorized by their relationship structure and asset type. Here's how the segments stacked up based on Q2 2025 data, which is the most granular segment-level data available:

• Institutional Clients: These clients, including pension funds, sovereign wealth funds, and endowments, accounted for $993 billion in AUM in Q2 2025.
• Individual Investors (Retail): Direct investment clients represented $684 billion in AUM as of Q2 2025.
• Retirement Assets Proxy: Assets specifically in Target Date Retirement Portfolios were valued at $553 billion as of September 30, 2025. Overall, retirement assets represented 66% of total AUM in Q2 2025.

The focus on retirement is clear; it's the bedrock of their business. Still, the firm is actively managing other pools of capital.

The composition of the AUM across asset classes, which reflects the underlying products these segments invest in, was:

Asset Class	AUM (Billions USD) as of Q2 2025	AUM (Billions USD) as of 10/31/2025
Equity	$839	Data not segmented by asset class for October 2025
Multi-Asset	$583	Data not segmented by asset class for October 2025
Fixed Income (incl. Money Market)	$200	Data not segmented by asset class for October 2025
Alternatives	$53	Data not segmented by asset class for October 2025

Retirement Plan Sponsors Focus

For Retirement Plan Sponsors offering plans like 401(k)s, T. Rowe Price Group, Inc. maintains a strong service reputation. While the exact participant count of ~2 million you mentioned isn't explicitly in the latest reports, their commitment to this segment is evidenced by service quality metrics. For instance, T. Rowe Price Retirement Plan Services has achieved #1 Overall Satisfaction for 8 years in a row in the Chatham Partners annual client satisfaction survey, which covers major industry recordkeepers. Furthermore, they secured the #1 Net Promoter Score for 10 years in a row in the same survey.

Advisor Class and R Class shares for mutual funds may generally only be purchased through a financial intermediary or a retirement plan, showing a structural tie to these sponsors.

Financial Intermediaries and Wealth Advisors

This segment is critical for distribution, especially for certain share classes. The firm captures assets through managed account-model delivery, which had $17.1 billion in Assets Under Advisement (AUA) in Q2 2025. Advisor Class shares generally require purchase through a financial intermediary. The firm also conducts an annual study capturing views from the U.S. Defined Contribution consultant and advisor community.

High-Net-Worth Individuals

Specific AUM figures for High-Net-Worth individuals with $5 million+ in assets aren't separately published in the preliminary reports. However, these clients are likely served through the Retail segment or through specialized managed accounts. The I Class shares, which have the lowest management fee at 0.37%, generally require a minimum initial investment of $500,000 per fund per account registration, though this is often waived or reduced for financial intermediaries and certain accounts where T. Rowe Price or its affiliates have discretionary investment authority.

Finance: draft 13-week cash view by Friday.

T. Rowe Price Group, Inc. (TROW) - Canvas Business Model: Cost Structure

You're looking at the expense side of T. Rowe Price Group, Inc.'s operations as of late 2025, which is heavily weighted toward personnel and technology to support its global asset management platform.

Employee compensation and benefits definitely represent a large operating expense. As of September 30, 2025, T. Rowe Price Group, Inc. employed 7,830 associates, which was a decrease of 3.4% from 8,104 associates at September 30, 2024. For the third quarter of 2025, adjusted compensation and related costs totaled $632.5 million. This figure reflected lower salaries and benefits due to the decrease in average headcount, partially offset by a higher bonus accrual.

Investment in technology, data, and cloud infrastructure modernization is a key area of spend. For the third quarter of 2025, costs categorized as Technology, Occupancy, and Facility were $183.2 million, an increase of $19.2 million from the third quarter of 2024. This category includes depreciation and hosted solutions, plus increased depreciation tied to the new corporate headquarters that was occupied in March 2025.

Distribution and marketing costs are managed across various channels to support sales. Distribution and servicing costs for the third quarter of 2025 were reported at $95.8 million, an increase of $4.2 million from the third quarter of 2024. Advertising and promotion, a component of total expenses, was $26.1 million in the first quarter of 2025.

General and administrative expenses, which include the global real estate footprint, are under active review. Management cited an ongoing evaluation of the global real estate footprint, including transitioning from owning to leasing certain properties over time, as a cost control measure. In the first quarter of 2025, the line item for General, administrative, and other was $103.3 million.

The overall expectation for the full year is clear. T. Rowe Price Group, Inc. expects 2025 adjusted operating expenses, excluding carried interest expense, to be up 2% to 4% over 2024, totaling approximately $4.46 billion.

Here's a look at the quarterly breakdown of adjusted operating expenses for the third quarter of 2025 compared to prior periods:

Expense Component (Non-GAAP Basis)	Q3 2025 Amount (in millions)	Change from Q3 2024	Change from Q2 2025
Total Adjusted Operating Expenses	$1,134.4	3.2% increase	1.1% decrease
Compensation & Related Costs	$632.5	Data not directly comparable in snippet	Data not directly comparable in snippet
Distribution and Servicing Costs	$95.8	$4.2 million increase	$3.3 million increase
Product and Recordkeeping Related Costs	Data not directly comparable in snippet	$3.7 million increase	$3.9 million increase
Technology, Occupancy, and Facility Costs	$183.2	$19.2 million increase	$3.8 million increase
G&A & Other	Data not directly comparable in snippet	($2.8 million) change	Data not directly comparable in snippet

The primary drivers of the cost structure include:

• Employee Compensation: Directly tied to headcount, which was reduced by 3.4% year-over-year as of September 30, 2025.
• Technology Investment: Evidenced by the $183.2 million in Q3 2025 technology and facility costs.
• Real Estate Management: Under active evaluation with plans to transition from owning to leasing certain properties.
• Compensation Structure: Includes market-related changes in deferred compensation liabilities, such as the ($7.2 million) impact in Q1 2025.
• Nine-Month Year-to-Date Expenses: Total adjusted operating expenses for the nine months ended September 30, 2025, were $3,416.7 million, a 4.3% increase over the prior year period.

Finance: draft 13-week cash view by Friday.

T. Rowe Price Group, Inc. (TROW) - Canvas Business Model: Revenue Streams

You're looking at the core ways T. Rowe Price Group, Inc. brings in money, which is heavily tied to the market's ups and downs and client asset levels as of mid-2025. Honestly, it's a business where scale matters immensely, but the margin on that scale is constantly being squeezed.

Investment Advisory Fees are the bedrock. These are the fees charged based on a percentage of Assets Under Management (AUM). For the three months ended June 30, 2025, this primary stream hit $1,567.6 million, a slight dip of 0.1% from the $1,568.8 million seen in the second quarter of 2024. This revenue is directly linked to the quarter-end AUM, which stood at $1.68 trillion as of June 30, 2025.

The revenue picture for Q2 2025 shows total net revenues at $1,723.3 million, which was a 0.6% decrease from Q2 2024. This slight overall revenue contraction, despite AUM growth, points directly to the fee pressure you mentioned.

Here's a quick look at the key revenue components for the three months ended June 30, 2025, compared to the prior year period:

Revenue Component (in millions USD)	Q2 2025	Q2 2024	Change (%)
Investment advisory fees	$1,567.6	$1,568.8	(0.1)
Capital allocation-based income	$(0.4)	$0.1	n/m
Net revenues	$1,723.3	$1,733.3	(0.6)

Performance-Based Advisory Fees are less predictable and are mainly generated from alternative strategies. While the main GAAP table in the Q2 2025 release doesn't show a separate line item for performance fees, the commentary confirms these fees earned in Q2 2025 were primarily from alternatives strategies.

Capital Allocation-Based Income, which represents the change in accrued carried interest, was a small negative amount for the quarter. For Q2 2025, this was $(0.4) million, compared to $0.1 million in Q2 2024. The firm did report $37 million in accrued carried interest for Q2 2025, up from $27 million in Q2 2024, signaling some growth in the alternatives business component that feeds this income stream.

For Administrative, Distribution, and Service Fees, T. Rowe Price Group records revenue from services like recordkeeping here. As of June 30, 2025, the firm's total assets under administration (AUA) were $302 billion, though only $170 billion of that AUA was comprised of assets the firm actually manages. The firm also offers non-discretionary advisory services through model delivery, with assets under advisement in those portfolios at $33.5 billion at the end of June 2025.

The pressure on the effective fee rate is quite clear. The investment advisory annualized effective fee rate, when you exclude those performance-based fees, was 39.6 basis points in Q2 2025. This is down from 41.1 basis points in Q2 2024 and 40.0 basis points in Q1 2025.

The factors driving this compression include:

• Client flows shifting toward lower-fee asset classes.
• Gross sales favoring lower-fee vehicles like ETFs.
• Redemptions in higher-fee equity mutual funds.

The firm's strategic focus areas, while growing AUM, also reflect this trend:

• Retirement solutions AUM stood at $520 billion.
• ETF AUM reached $16.2 billion.

Finance: draft a sensitivity analysis showing revenue impact if the effective fee rate drops by 5 basis points across the entire AUM base by year-end 2025.