T. Rowe Price Group, Inc. (TROW): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services financiers, T. Rowe Price Group, Inc. (TROW) est un phare de stratégies d'investissement innovantes, naviguant magistralement dans le paysage complexe de la gestion de la patrimoine. En mélangeant de manière transparente une technologie de pointe, une expertise financière profonde et une approche centrée sur le client, cette société d'investissement mondiale a creusé un créneau distinctif pour fournir des solutions complètes et axées sur les performances qui répondent à divers besoins des investisseurs. Des individus à haute teneur en naissance aux puissances institutionnelles, le canevas du modèle commercial de T. Rowe Price révèle un plan sophistiqué qui transforme la complexité financière en opportunités stratégiques, invitant les lecteurs à explorer les mécanismes complexes derrière l'une des sociétés de gestion des investissements les plus respectées de l'industrie.

T. Rowe Price Group, Inc. (TROW) - Modèle commercial: partenariats clés

Institutions financières et courtiers

T. Rowe Price maintient des partenariats stratégiques avec les institutions financières suivantes:

Institution partenaire	Type de partenariat	Portée de collaboration
Charles Schwab	Partenaire de distribution	Fonds commun de placement et distribution de produits d'investissement
Investissements de fidélité	Partenaire de plateforme	L'offre de produits d'investissement et l'accès à la plate-forme
Morgan Stanley	Partenaire d'investissement institutionnel	Solutions de gestion de patrimoine et d'investissement

Cabinets de conseil en investissement institutionnel

Les partenariats clés comprennent:

• Mercer Consulting
• Cambridge Associates
• Alliance de conseil en pension

Provideurs mondiaux de technologie et de logiciels

Les partenariats technologiques englobent:

Partenaire technologique	Focus technologique	Année de mise en œuvre
Blackrock Aladdin	Plateforme de gestion des risques	2019
Microsoft Azure	Infrastructure de cloud computing	2020
Salesforce	Gestion de la relation client	2018

Collaborateurs de recherche sur les investissements stratégiques

Les partenaires de collaboration de recherche comprennent:

• Recherche MSCI
• Bloomberg Intelligence
• Recherche du Morningstar

Total du réseau de partenariat Taille: 47 partenariats stratégiques à travers l'écosystème financier mondial

T. Rowe Price Group, Inc. (TROW) - Modèle d'entreprise: Activités clés

Services de gestion des investissements et de conseil

Au quatrième trimestre 2023, T. Rowe Price a géré 1,41 billion de dollars d'actifs sous gestion. L'entreprise fournit des services de gestion des investissements dans plusieurs classes d'actifs:

Classe d'actifs	Actif total
Stratégies d'actions	812 milliards de dollars
Stratégies à revenu fixe	398 milliards de dollars
Stratégies multi-actifs	210 milliards de dollars

Développement du portefeuille et allocation d'actifs

Les activités de développement du portefeuille clés comprennent:

• Attribution stratégique des actifs sur plus de 25 stratégies d'investissement
• Gestion des risques pour plus de 4 500 portefeuilles institutionnels et individuels
• Diversification sur les marchés mondiaux

Recherche financière et analyse du marché

L'infrastructure de recherche comprend:

• 230+ professionnels de l'investissement dans le monde entier
• Couverture de recherche dans plus de 45 pays
• Dépenses de recherche annuelles de 180 millions de dollars

Gestion des relations avec les clients

Segment client	Nombre de clients
Clients institutionnels	2,300+
Investisseurs individuels	1,2 million +

Innovation de plate-forme numérique et de technologie

Métriques d'investissement technologique:

• Dépenses technologiques annuelles: 250 millions de dollars
• Plateforme numérique desservant 100% des stratégies d'investissement
• Investissement en cybersécurité: 45 millions de dollars par an

T. Rowe Price Group, Inc. (TROW) - Modèle d'entreprise: Ressources clés

Professionnels de la gestion des investissements expérimentés

Au 31 décembre 2023, T. Rowe Price employait 7 452 associés dans le monde. Les professionnels de l'investissement ont été comptabilisés 692 avec une expérience moyenne de l'industrie de 16 ans.

Catégorie professionnelle	Nombre de professionnels
Gestionnaires de portefeuille	362
Analystes de recherche	330

Capacités de recherche et analyse propriétaires

T. Rowe Price maintient Infrastructure de recherche propriétaire approfondie avec un investissement de recherche annuel de 215 millions de dollars en 2023.

• Équipe de recherche mondiale couvrant plus de 50 pays
• Centres de recherche dédiés à Baltimore, à Londres, à Hong Kong et à Singapour
• Plateformes de recherche quantitative et fondamentale propriétaires

Infrastructure technologique robuste

L'investissement technologique a totalisé 387 millions de dollars au cours de l'exercice 2023, soutenant les plateformes numériques avancées.

Zone d'investissement technologique	Allocation
Développement de plate-forme numérique	142 millions de dollars
Cybersécurité	95 millions de dollars
Analyse des données	150 millions de dollars

Grande réputation de marque

T. Rowe Price gère 1,40 billion de dollars d'actifs au 31 décembre 2023, avec un bilan de 45 ans de performance d'investissement.

Vaste réseau d'investissement mondial

Présence mondiale dans 18 pays ayant des opérations d'investissement sur les principaux marchés financiers.

• Bureaux en Amérique du Nord, en Europe, en Asie et en Australie
• Capacités d'investissement dans plus de 25 classes d'actifs
• Base de clients couvrant 52 pays

T. Rowe Price Group, Inc. (TROW) - Modèle d'entreprise: propositions de valeur

Solutions d'investissement complètes entre les classes d'actifs

T. Rowe Price gère 1,39 billion de dollars d'actifs mondiaux au 31 décembre 2023. L'entreprise propose des solutions d'investissement dans plusieurs classes d'actifs:

Classe d'actifs	Total des actifs sous gestion
Fonds de capitaux propres	812 milliards de dollars
Fonds à revenu fixe	403 milliards de dollars
Fonds multi-actifs	175 milliards de dollars

Stratégies d'investissement axées sur les performances à long terme

Métriques de performance pour les fonds de prix T. Rowe:

• Performance moyenne du fonds à 5 ans: 10,2%
• Performance moyenne du fonds à 10 ans: 12,5%
• Nombre de fonds surperformant la catégorie médiane: 78%

Services de gestion de patrimoine personnalisés

Offres de services de gestion de patrimoine:

Catégorie de service	Actifs totaux du client
Comptes de retraite individuels	345 milliards de dollars
Services de retraite institutionnels	512 milliards de dollars
Gestion de patrimoine privée	87 milliards de dollars

Approche d'investissement transparente et disciplinée

Capacités de recherche en investissement:

• Analystes de la recherche mondiale: 468
• Expérience d'analyste de recherche moyenne: 14 ans
• Couverture de recherche propriétaire: 95% de l'univers d'investissement

Divers gamme de fonds communs de placement et de produits de retraite

Répartition du portefeuille de produits:

Catégorie de produits	Nombre de fonds	Actif total
Fonds communs de placement	183	892 milliards de dollars
Fonds de date cible de retraite	36	247 milliards de dollars
Fonds de revenu de retraite	12	76 milliards de dollars

T. Rowe Price Group, Inc. (TROW) - Modèle d'entreprise: relations avec les clients

Conseillers financiers personnels dévoués

En 2024, T. Rowe Price utilise 1 200 conseillers financiers à travers ses bureaux mondiaux. L'entreprise gère 1,4 billion de dollars d'actifs avec des services de conseil personnalisés.

Catégorie de conseiller	Nombre de conseillers	Actifs du client moyen
Conseillers institutionnels	350	425 millions de dollars
Conseillers financiers au détail	850	75 millions de dollars

Plates-formes d'investissement en libre-service numériques

T. Rowe Price Digital Platform Serve 2,3 millions d'utilisateurs numériques actifs avec les capacités de gestion des investissements en ligne.

• Téléchargements d'applications mobiles: 1,1 million
• Gestion des comptes en ligne: 92% des clients
• Volume de transaction numérique: 215 milliards de dollars par an

Rapports et communication réguliers

La fréquence de communication avec les clients comprend des rapports de performance trimestriels et des informations mensuelles sur le marché.

Type de communication	Fréquence	Pourcentage de clients
Rapports trimestriels	4 fois par an	100%
Informations sur le marché mensuel	12 fois par an	85%

Consultations d'investissement personnalisées

T. Rowe Price fournit Stratégies d'investissement personnalisées pour différents segments de clients.

• Consultations clients à haute noue: 12 000 par an
• Durée moyenne de la consultation: 2,5 heures
• Taux de personnalisation: 94% des consultations

Éducation des clients et soutien à la planification financière

Les ressources éducatives et le soutien de la planification financière font partie intégrante de la stratégie de relation client de T. Rowe Price.

Ressource éducative	Engagement annuel	Méthode de livraison
Webinaires	240 séances	En ligne
Ateliers d'investissement	180 événements	En personne / virtuel
Guides de planification financière	48 publications	Numérique / imprimé

T. Rowe Price Group, Inc. (TROW) - Modèle d'entreprise: canaux

Plateformes d'investissement en ligne

T. Rowe Price propose des plateformes d'investissement numériques avec 1,81 million de comptes d'investisseurs individuels au 31 décembre 2022. La plate-forme prend en charge 1,39 billion de dollars d'actifs totaux sous gestion via les canaux en ligne.

Fonctionnalité de plate-forme	Métrique
Ouverture du compte numérique	Processus entièrement numérique avec un taux d'achèvement en ligne de 97%
Plateformes de trading en ligne	Prend en charge plus de 500 fonds communs de placement et transactions ETF
Base d'utilisateurs numériques	1,81 million de comptes d'investisseurs individuels

Réseaux de conseillers financiers

T. Rowe Price collabore avec plus de 300 000 conseillers financiers à l'échelle nationale, distribuant des produits d'investissement par le biais de canaux institutionnels et de retraite.

• Réseau de conseiller institutionnel couvrant 48 États
• 1,08 billion de dollars gérés par le biais de canaux de conseiller
• Plateforme de support de conseiller complet

Équipes de vente directes

La société maintient 1 200 représentants des ventes institutionnels ciblant les investisseurs institutionnels, les fonds de retraite et les régimes de retraite des entreprises.

Segment de l'équipe de vente	Couverture
Représentants des ventes institutionnelles	1 200 professionnels
Actifs des clients institutionnels	827,2 milliards de dollars

Applications d'investissement mobiles

L'application mobile T. Rowe Price prend en charge 650 000 utilisateurs mobiles actifs avec des capacités de suivi et de transaction d'investissement en temps réel.

• Taux de téléchargement des applications mobiles: 275 000 téléchargements annuels
• Engagement des utilisateurs mobiles: 78% utilisateurs actifs mensuels
• Prend en charge les plateformes iOS et Android

Site Web d'entreprise et communication numérique

Le site Web de l'entreprise reçoit 2,3 millions de visiteurs uniques mensuels, offrant des outils complets de recherche et de gestion des comptes.

Métrique de communication numérique	Performance
Visiteurs mensuels du site Web	2,3 millions de visiteurs uniques
Pages de contenu numérique	3 700+ pages de recherche en investissement
Assistance linguistique	Anglais, espagnol, mandarin

T. Rowe Price Group, Inc. (TROW) - Modèle d'entreprise: segments de clientèle

Investisseurs individuels à haute nette

Au quatrième trimestre 2023, T. Rowe Price dessert environ 1,3 million de comptes d'investisseurs individuels. Le solde moyen du compte pour les clients à forte valeur nette est de 587 000 $.

Segment des investisseurs	Comptes totaux	Valeur moyenne du compte
Individus à haute nette	1,300,000	$587,000

Investisseurs institutionnels

T. Rowe Price gère 1,76 billion de dollars dans les actifs institutionnels au 31 décembre 2023.

• La clientèle institutionnelle comprend des fonds de pension
• Fonds de richesse souverain
• Dotation
• Fondations

Sponsors du plan de retraite

L'entreprise sert 5 200 sponsors du plan de retraite Avec un actif total de retraite de 503 milliards de dollars.

Catégorie de plan de retraite	Nombre de sponsors	Actif total
Plans de retraite d'entreprise	5,200	503 milliards de dollars

Programmes de retraite d'entreprise

T. Rowe Price fournit des solutions de retraite pour 3 750 clients d'entreprise, avec un plan moyen de 135 millions de dollars.

Institutions financières mondiales

L'entreprise sert des institutions financières à travers 44 pays, avec des actifs internationaux totalisant 412 milliards de dollars.

Portée géographique	Pays desservis	Actifs internationaux
Institutions financières mondiales	44	412 milliards de dollars

T. Rowe Price Group, Inc. (TROW) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Selon le rapport annuel de 2022, les dépenses totales de rémunération et de prestations de T. Rowe Price étaient de 1,74 milliard de dollars, ce qui représente une partie importante de leurs coûts d'exploitation.

Catégorie de dépenses	Montant (2022)
Compensation totale	1,74 milliard de dollars
Salaires	1,02 milliard de dollars
Compensation basée sur la performance	532 millions de dollars
Avantages et autres rémunérations	186 millions de dollars

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique pour 2022 étaient d'environ 312 millions de dollars.

• Infrastructure de cloud computing: 98 millions de dollars
• Systèmes de cybersécurité: 67 millions de dollars
• Maintenance matérielle et logicielle: 147 millions de dollars

Investissements de recherche et développement

Les investissements en R&D en 2022 ont totalisé 156 millions de dollars, se concentrant sur la stratégie d'investissement et l'innovation technologique.

Zone de focus R&D	Montant d'investissement
Analyse d'investissement	82 millions de dollars
Développement de plate-forme numérique	74 millions de dollars

Frais de marketing et d'acquisition des clients

Les dépenses de marketing pour 2022 étaient de 124 millions de dollars.

• Marketing numérique: 53 millions de dollars
• Publicité traditionnelle: 41 millions de dollars
• Gestion des relations avec les clients: 30 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire en 2022 s'élevaient à 87 millions de dollars.

Zone de conformité	Frais
Représentation juridique et réglementaire	42 millions de dollars
Technologie de conformité	31 millions de dollars
Formation de la conformité	14 millions de dollars

T. Rowe Price Group, Inc. (TROW) - Modèle d'entreprise: Strots de revenus

Frais de gestion des produits d'investissement

En 2023, T. Rowe Price a déclaré un chiffre d'affaires total de 6,1 milliards de dollars. La société gère environ 1,4 billion de dollars d'actifs sous gestion, générant des revenus de frais de gestion cohérents sur divers produits d'investissement.

Catégorie de produits	Actifs sous gestion	Taux de frais de gestion moyen
Fonds communs de placement	798 milliards de dollars	0.64%
Fonds de retraite	412 milliards de dollars	0.45%
Comptes institutionnels	190 milliards de dollars	0.35%

Frais de conseil basés sur la performance

En 2023, T. Rowe Price a généré environ 187 millions de dollars en frais de conseil basés sur la performance, ce qui représente 3,1% du total des revenus consultatifs en investissement.

Revenus de gestion des fonds communs de placement

Les revenus de gestion des fonds communs de placement pour 2023 ont totalisé 3,9 milliards de dollars, avec des catégories de fonds clés, notamment:

• Fonds sur les actions: 2,4 milliards de dollars
• Fonds à revenu fixe: 890 millions de dollars
• Fonds hybrides: 610 millions de dollars

Frais d'administration du plan de retraite

L'administration du régime de retraite a généré 672 millions de dollars de revenus pour 2023, desservant environ 2,3 millions de comptes participants.

Frais de service de conseil en placement

Les services de conseil en placement ont contribué 214 millions de dollars au total des revenus en 2023, en mettant l'accent sur les services consultatifs institutionnels et individuels.

Catégorie de service	Revenu	Segment client
Conseil institutionnel	156 millions de dollars	Fonds de pension, sociétés
Services de conseil individuels	58 millions de dollars	Individus de valeur nette élevée

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.