LUXEMBOURG - T. Rowe Price has opened an office in Luxembourg, headed by senior product manager Ian Hoddy.

Hoddy, formerly based in London, has been with the firm since T. Rowe Price Global Investment Services was formed in 2000.

He will work with former JP Morgan executive Robert Glover, who joins the firm on August 29 as a product manager. Glover has been based in Luxembourg for the past seven years.

"This is a great opportunity for T. Rowe Price,” Hoddy said. “A presence on the ground allows us to more easily fulfil our substance and monitoring obligations under the UCITS III directives and further demonstrates our commitment to the European market.

“It puts us very much at the hub of the European investment fund industry and will enable us to participate in, and contribute to, the industry discussions and forums here more actively."

The move means the Baltimore-based firm now has five offices in Europe.