T. Rowe Price Group Inc. is making a business-wide round of job cuts as the Baltimore-based asset manager grapples with outflows and other pressures.
The firm is cutting a number of positions across all departments and has already contacted the affected employees, according to a memo sent to staff Thursday and seen by Bloomberg News. The memo didn’t specify the number of roles the asset manager has eliminated.
“In recognition of their many contributions to our firm, we offered generous transition assistance, as well as outplacement support and resources,” the firm stated in the memo.
The firm is also closing a small number of sub-scale strategies over the coming months, according to the memo.
A spokesperson for T. Rowe confirmed the cuts without disclosing the total amount. The spokesperson said there’s a “broad plan and a number of activities underway to best position” the firm to return to “organic growth” and reduce its expense base over time.
T. Rowe has had several years of continuous outflows, with clients pulling about $43 billlion from its funds last year alone.
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