October 25, 2012
As we commemorate our 75th anniversary this year, several former and present T. Rowe Price investment professionals share their thoughts about a man who envisioned a different way to do business and the company he founded.
While employed at a brokerage firm, Mr. Price sensed a conflict within that firm's dual role of broker and investment adviser. He envisioned, instead, a company that would manage a client's assets and charge a fee based on the growth of those assets. His reasoning was if the client did well, so would he. The wisdom of that concept is as relevant today as it was in 1937.
"He was a very hard working and demanding individual, and he loved to have a good investment fight," says former CEO George Roche. "So you could present an idea to him, and as long as he thought it was reasonable, he would listen."
Over the years, through good times and bad, clients have been able to count on T. Rowe Price to maintain our consistent, disciplined investment philosophy. A hallmark of our approach is fundamental in-depth research and style consistency, which enables investors to map a diversification strategy with confidence.
According to current CEO James Kennedy, "We've gone through tough markets over time, but our principles have withstood the pressures."
A company is only as good as its employees, which is why we value our employees and their contributions. To foster individual growth, we offer a wide range of professional development, training, and employee services; excellence at all levels is encouraged.
"We hire the best people. Our long-term success depends on getting them and keeping them," says former CEO George Collins.
While we place a high priority on individual achievement, we strongly endorse, and encourage, a team concept throughout our company. Although each division of the firm is responsible for a specific area of expertise, they all interact to provide a single-minded focus on the long-term objectives of our clients.
According to Edward Bernard, the current president of Investment Services, "It's taken decades to create the firm that T. Rowe Price is today, and every associate is part of that." He adds, "If we continue to hold to our principles, attract talented people, and create an environment where they can collaborate and focus on understanding client needs and changing dynamics in world markets, I'm extremely optimistic about our continued success."