T Rowe gets go-ahead
T Rowe Price Global Investment Services, the institutional marketing/sales arm in Europe, the Middle East and Africa for Baltimore based global investment manager T. Rowe Price, has received IMRO approval to begin rolling out its European operations from the group’s London offices.
The decision has set the touch-paper for the marketing of T.Rowe Price funds in Europe - beginning with a raft of Luxembourg based Sicavs to be launched in May.
The fund range will compliment the segregated institutional business T.Rowe Price is already chasing under the new structure.
In a bid to push forward the new business, Todd Ruppert, president of T.Rowe Price Global Investment Services is expected to spend more time in Europe.
The group intends to build a presence in a number of European markets by opening offices in various locations.
Thomas Pedersen, heads up the Global Investment Services team as managing director for institutional sales. He comments: “The Luxembourg Sicav structure, which we will launch in late April, early May will consist of four different classes of shares in each of the strategies, providing flexibility for all client types.
“There will be a number of fixed interest and equity products, leveraging on our US and global investment strengths. What we aim to do is have 28 to 30 funds in the next couple of years representing the strongest capabilities of T. Rowe Price globally.”
Pedersen says the group is in the process of selecting a global custodian but declined to name the companies involved.
The group will also be looking for third party distribution relationships on the continent.