T. Rowe Price announced the creation of a Global Strategy function and named former McKinsey partner Andrew Reich as its head. Reich will begin in the role on January 5, 2026, and will report directly to CEO Rob Sharps.
The new function is intended to sharpen the firm’s long‑term strategic vision and to coordinate corporate strategy, mergers and acquisitions, and product development. By centralizing these activities, T. Rowe Price aims to respond more effectively to fee compression and the industry’s shift toward passive investing, while accelerating growth in ETFs, private markets and technology investments.
Reich brings more than a decade of experience leading the Asset Management Practice for North America at McKinsey & Company. His background in strategy and M&A is expected to strengthen the firm’s ability to identify and execute on growth opportunities, particularly in high‑margin product lines and cross‑border acquisitions.
Rob Sharps said the new function “further strengthens our position to take advantage of the opportunities ahead” and will enable the firm to “continue delivering innovative solutions for the evolving needs of our clients.” He emphasized that the appointment signals a proactive stance toward industry headwinds and a commitment to long‑term value creation.
T. Rowe Price’s assets under management reached $1.79 trillion as of October 31, 2025, up from $1.63 trillion at the end of September 2024 and $1.61 trillion at the end of December 2024. Roughly two‑thirds of the AUM is retirement‑related, underscoring the firm’s focus on long‑term wealth management. The firm’s Q3 2025 earnings showed an adjusted EPS of $2.81, beating estimates by $0.26, and revenue of $1.89 billion, slightly above consensus. The results reflected strong demand in core active‑management segments and disciplined cost control, even as fee compression pressures persisted.
The establishment of the Global Strategy function is a strategic response to the firm’s recent performance and broader market dynamics. By aligning strategy, M&A, and product development under a single leader, T. Rowe Price seeks to accelerate its expansion of ETFs and private‑market offerings, while leveraging technology to enhance client solutions. The move positions the firm to navigate fee compression, capture passive‑investment flows, and sustain growth in retirement and wealth‑management services.
The appointment of Andrew Reich and the creation of the Global Strategy function signal T. Rowe Price’s intent to build a more agile, data‑driven decision‑making framework that can adapt to evolving client needs and market conditions, reinforcing the firm’s long‑term competitive positioning.
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