EUROPE – Baltimore-based global investment management firm, T. Rowe Price has launched the T. Rowe Price global equity fund which is now available to investors in Luxembourg, Germany, Denmark, Norway and Sweden.
The Luxembourg-domiciled SICAV fund, currently worth $10.3m (€11.4m) joins T. Rowe Price’s existing Luxembourg SICAV family of eight sub-funds that were introduced earlier this year.
The fund's target clientele are institutional investors and third-party distributors with the minimum investment set at $2.5m (€2.7m) and $50,000 (€55,392) respectively. The fund is benchmarked against the MSCI World Index and is denominated in US dollars.
It will be managed jointly by London-based John Ford, who is the company’s chief investment officer for international equities, and Robert Smith, who is a senior US equity manager in Baltimore.
A spokeswoman for T. Rowe Price explains that the fund was developed late last year but the registration process has delayed it being publicly marketed. “We generally have to wait three months after registration for the green light to begin marketing the SICAV funds,” she comments.
‘It will operate solely in Luxembourg, Germany, Denmark, Norway and Sweden for the time being. Once it is firmly established we will begin pursuing opportunities elsewhere.” T Rowe Price has yet to apply for registration in any other countries.