T Rowe Price to open Amsterdam office
NETHERLANDS - US asset management firm T Rowe Price is set to open a new institutional sales office in Amsterdam in the coming months as a springboard to marketing its products to Dutch institutional clients.
The firm says it is in the final stages of hiring a new manager to head the Amsterdam office and it is believed that a second team member will subsequently be added to the Dutch operation.
The firm currently manages around 958 million dollars in European pension assets.
Thomas Pederson, managing director at T Rowe Price Global Investment Services, says he believes the company has done its due diligence with regards to the move into the Dutch market, adding that he believes there are significant business opportunities to be had.
“We are convinced that now is the right time to be moving into this key European market. There have been increasing numbers of mandates being issued in the Netherlands and the speed with which Dutch institutions are changing managers is incredible. You have to be there!”
T Rowe has been gradually expanding into Europe since the creation of its European sales and client-servicing arm in January 2001. Since that time, the team has grown to over 20 people in London and Copenhagen.
The Nordic countries have been the group’s predominant target, although the firm has dealings in Germany and Switzerland and has said it has ambitions in the Benelux countries and southern Europe.
In a separate move the firm is also shortly to launch a new office in Melbourne, Australia.