BALTIMORE, June 22, 2020 /PRNewswire/ -- T. Rowe Price (NASDAQ-GS: TROW) announced today
that it has been selected to receive two 2020 U.S. Morningstar
Awards for Investing Excellence. T. Rowe
Price was honored with the 2020 U.S. Morningstar Exemplary
Stewardship Award for the firm and the 2020 U.S. Morningstar
Outstanding Portfolio Manager Award for Jerome Clark. Mr. Clark, a portfolio manager in
T. Rowe Price's Multi-Asset
Division, co-manages the T. Rowe Price Retirement Funds and Target
Funds.
The Exemplary Stewardship award recognizes the firm that best
demonstrates an investor-focused corporate culture and an alignment
of interests between investors and the people who control the
destiny of the investment strategies, according to Morningstar.
T. Rowe Price was founded in 1937
by Thomas Rowe Price, Jr., who set
out with four colleagues to establish an investment counseling firm
"with a reputation for the highest character and the soundest
investment philosophy." The company's reason for being and its
actions continue to be guided by these words today, and its
associates strive to prioritize client interests above all
else.
T. Rowe Price's fiduciary culture
is anchored in the importance of strategic investing, which is
driven by rigorous research; critical thinking; prudent risk
management; and active, independent decision-making. More than
7,000 T. Rowe Price associates in 16
countries around the world work to provide the highest-quality
service to clients.
The Outstanding Portfolio Manager award honors managers who, in
addition to delivering strong returns for investors over their
careers, have demonstrated excellent investment skill, the courage
to differ from the consensus to benefit investors, and an alignment
of interests with the strategies' investors.
Jerome Clark has spent his entire
investment career at T. Rowe Price
and was the first portfolio manager of T. Rowe Price's target date funds when the firm's
Retirement Funds launched in 2002. He joined T. Rowe Price in 1992 as a quantitative analyst in
the Fixed Income Division and later served as portfolio manager of
the US Treasury Long-Term Bond Strategy from 1998 through 2003.
This award is a testament to Mr. Clark's outstanding record of
service and his pioneering efforts in building one of the
industry's most successful and innovative target date
franchises.
In addition to these two awards, Wyatt
Lee, head of Target Date Strategies and co-portfolio manager
of the T. Rowe Price Retirement Funds and Target Funds with Mr.
Clark, was nominated in the Rising Talent category.
QUOTES
Bill Stromberg, President and
CEO, T. Rowe Price
"We are humbled and grateful to receive Morningstar's prestigious
Exemplary Stewardship award. This is a truly special honor for an
investment firm, especially coming from an organization we greatly
respect. It speaks directly to the core values of our firm, which
include putting clients first and acting with integrity and
accountability. At the same time, we applaud both Jerome Clark and Wyatt
Lee. Both are exceptional talents and extremely deserving of
their recognition."
Jerome Clark, Portfolio Manager
in T. Rowe Price's Multi-Asset
Division
"It's a distinct honor to receive Morningstar's Outstanding
Portfolio Manager award. I share it not only with my colleagues in
the Multi-Asset Division and the target date team, whose research,
passion, and dedication to helping investors solve some of the most
complex challenges associated with retirement investing is a true
inspiration, but also with the broader organization at T.
Rowe Price. The success of our
target date franchise is a collaborative effort that involves the
work of fund management and the support of senior management,
client and consultant relations, and others."
MORNINGSTAR EXEMPLARY STEWARDSHIP AWARD
METHODOLOGY
Nominees are asset managers with investment
strategies under coverage by Morningstar manager research analysts.
To qualify for the award, the firm must have received a Parent
pillar rating of "positive," or, if one or more of its strategies
have been rated under the enhanced ratings methodology launched in
November 2019, "High." The Parent
pillar rating measures the quality of a firm's care of investors'
capital. Nominations are made by Morningstar manager research
analysts, then narrowed to a list of finalists. The entire analyst
team meets to debate the merits of the finalists. Voting commences
immediately thereafter and nominees receiving the most votes are
the winners.
MORNINGSTAR OUTSTANDING PORTFOLIO MANAGER AWARD
METHODOLOGY
To be eligible for the Outstanding Portfolio
Manager award, managers must run one or more investment strategies
that are under Morningstar manager research analyst coverage and
the manager's strategy must currently earn a Morningstar Analyst
Rating™ of Gold or Silver for at least one vehicle and/or share
class.
ABOUT T. ROWE
PRICE
Founded in 1937, Baltimore-based T. Rowe Price (troweprice.com) is a global
investment management organization that provides a broad array of
mutual funds, subadvisory services, and separate account management
for individual and institutional investors, retirement plans, and
financial intermediaries. Assets under management as of
May 31, 2020, were $1.19 trillion. The organization also offers a
variety of sophisticated investment planning and guidance tools. T.
Rowe Price's disciplined, risk-aware
investment approach focuses on diversification, style consistency,
and fundamental research.
Morningstar's Manager Research Group consists of various
wholly owned subsidiaries of Morningstar, Inc. including, but not
limited to, Morningstar Research Services LLC. Analyst Ratings are
subjective in nature and should not be used as the sole basis for
investment decisions. Analyst Ratings are based on Morningstar's
Manager Research Group's current expectations about future events
and therefore involve unknown risks and uncertainties that may
cause such expectations not to occur or to differ significantly
from what was expected. Analyst Ratings are not guarantees nor
should they viewed as an assessment of a fund's, CIT's, or
separately managed account's underlying securities'
creditworthiness. This press release is for informational purposes
only; references to securities or a separately managed account
investment strategy in this press release should not be
considered an offer or solicitation to buy or sell the securities
or to invest with that strategy.
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SOURCE T. Rowe Price Group, Inc.