T. Rowe Price Group, Inc. Files 2023 Annual Report on Form 10-K

Ticker: TROW · Form: 10-K · Filed: Feb 16, 2024 · CIK: 1113169

Sentiment: neutral

Topics: 10-K, T. Rowe Price, Asset Management, Financial Report, Fiscal Year 2023

TL;DR

<b>T. Rowe Price Group, Inc. has filed its 2023 Form 10-K, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

PRICE T ROWE GROUP INC (TROW) filed a Annual Report (10-K) with the SEC on February 16, 2024. The filing covers the fiscal year ending December 31, 2023. T. Rowe Price Group, Inc. is incorporated in Maryland. The company's primary business is Asset Management. The filing includes financial data for the years 2023, 2022, and 2021. The company's headquarters are located at 100 East Pratt Street, Baltimore, MD.

Why It Matters

For investors and stakeholders tracking PRICE T ROWE GROUP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of T. Rowe Price's financial health, operational performance, and strategic positioning for the past fiscal year, crucial for investors assessing the company's stability and growth prospects. The detailed financial statements and risk factors within the report offer insights into the company's ability to navigate market conditions and manage its assets effectively, informing investment decisions.

Risk Assessment

Risk Level: medium — PRICE T ROWE GROUP INC shows moderate risk based on this filing. The company operates in the highly competitive asset management industry, facing risks related to market volatility, client retention, and regulatory changes, as evidenced by the detailed risk factors section in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and management discussion in the 10-K to understand T. Rowe Price's performance drivers and potential risks in the current market environment.

Key Numbers

Key Players & Entities

FAQ

When did PRICE T ROWE GROUP INC file this 10-K?

PRICE T ROWE GROUP INC filed this Annual Report (10-K) with the SEC on February 16, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by PRICE T ROWE GROUP INC (TROW).

Where can I read the original 10-K filing from PRICE T ROWE GROUP INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by PRICE T ROWE GROUP INC.

What are the key takeaways from PRICE T ROWE GROUP INC's 10-K?

PRICE T ROWE GROUP INC filed this 10-K on February 16, 2024. Key takeaways: The filing covers the fiscal year ending December 31, 2023.. T. Rowe Price Group, Inc. is incorporated in Maryland.. The company's primary business is Asset Management..

Is PRICE T ROWE GROUP INC a risky investment based on this filing?

Based on this 10-K, PRICE T ROWE GROUP INC presents a moderate-risk profile. The company operates in the highly competitive asset management industry, facing risks related to market volatility, client retention, and regulatory changes, as evidenced by the detailed risk factors section in the 10-K.

What should investors do after reading PRICE T ROWE GROUP INC's 10-K?

Investors should review the detailed financial statements and management discussion in the 10-K to understand T. Rowe Price's performance drivers and potential risks in the current market environment. The overall sentiment from this filing is neutral.

Key Dates

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the primary financial and operational overview for T. Rowe Price Group, Inc. for the fiscal year 2023.)
Asset Management
The professional management of a significant pool of assets (securities, real estate, etc.) on behalf of clients. (This is the core business segment of T. Rowe Price Group, Inc., as indicated in the filing.)

Filing Stats: 4,361 words · 17 min read · ~15 pages · Grade level 12.6 · Accepted 2024-02-16 15:42:47

Key Financial Figures

Filing Documents

Risk Factors

ITEM 1A. Risk Factors 12

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments 24

Cybersecurity 24

ITEM 1C. Cybersecurity 24

Properties

ITEM 2. Properties 26

Legal Proceedings

ITEM 3. Legal Proceedings 26

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 26 Information about our Executive Officers 26 PART II 28

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures about Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk 54

Financial Statements

ITEM 8. Financial Statements 56

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90

Controls and Procedures

ITEM 9A. Controls and Procedures 90

Other Information

ITEM 9B. Other Information 90

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90 PART III 94

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance 94

Executive Compensation

ITEM 11. Executive Compensation 94

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 94

Certain Relationships and Related Transactions, and Director Independence

ITEM 13. Certain Relationships and Related Transactions, and Director Independence 94

Principal Accountant Fees and Services

ITEM 14. Principal Accountant Fees and Services 94 PART IV 94

Exhibits, Financial Statement Schedules

ITEM 15. Exhibits, Financial Statement Schedules 94

Form 10-K Summary 98

ITEM 16. Form 10-K Summary 98

SIGNATURES

SIGNATURES 99 20 Page 1 Table of Contents PART I

Business

Item 1. Business. T. Rowe Price Group, Inc. ("T. 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. We are driven by our purpose: to identify and actively invest in opportunities to help people thrive in an evolving world. With more than 80 years of experience, we provide a broad range of investment solutions across equity, fixed income, multi-asset, and alternative capabilities for clients around the world— from individuals to advisors to institutions to retirement plan sponsors. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services through model delivery. We take an active, independent approach to investing, offering our dynamic perspective and meaningful partnership, so our clients can feel more confident. The late Thomas Rowe Price, Jr., founded our firm in 1937, and the common stock of T. Rowe Price Associates, Inc. was first offered to the public in 1986. The T. Rowe Price Group, Inc. corporate holding company structure was established in 2000. Our common stock trades on the NASDAQ Global Select Market under the symbol "TROW". 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 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 inves

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