NEW YORK, June 2, 2026, 12:05 EDT
T. Rowe Price Group shares added around 0.7% to $104.60 by midday Tuesday on Nasdaq. The move came as investors reacted to a new retirement-income partnership with Transamerica and TIAA while watching the company’s mixed client flows. Shares were changing hands between $103.70 and $105.22. Volume was tracking under the usual level.
Assets under management are in focus. T. Rowe Price said AUM reached $1.83 trillion at April’s close, up from $1.71 trillion at the end of March. Despite that climb, there were $10.6 billion in net outflows for April, the firm reported. About two-thirds of its client assets tie to retirement plans.
Transamerica on Tuesday said it will partner with T. Rowe Price and TIAA to widen access to guaranteed lifetime income using T. Rowe Price IncomeSelect by Transamerica. The payments are set up to last through retirement. Jason Frain, who heads retirement solutions at Transamerica, said the offering will fit “naturally within employer-sponsored retirement plans.” Kim Zook at T. Rowe Price called it a move to keep “advancing retirement innovation.” PR Newswire
The product mixes target-date strategies, so portfolio risk shifts as retirement gets closer, with a fixed annuity issued by TIAA. It’s structured as a collective investment trust, or CIT, a pooled fund often found in workplace retirement plans instead of in mutual funds available to the public.
Veiel takes over as president of T. Rowe Price just as the company rolled out new product news. He keeps his roles as co-head of global investments and CIO. He said T. Rowe Price aims to “modernize how we operate” but will keep focusing on research-driven active management. A leadership change was previously announced. T. Rowe Price
The market was mixed. The SPDR S&P 500 ETF Trust edged up 0.2%. Franklin Resources added roughly 0.9%. Invesco traded flat, and BlackRock dipped 0.5%.
T. Rowe Price is telling investors that its retirement business, target-date funds, and work in alternative assets can help make up for the troubles facing its active mutual funds. On the first-quarter earnings call, CEO Rob Sharps said there were “outflows in our equity and mutual fund businesses,” but said the firm’s teams were making some headway on flows and new products. He also said T. Rowe boosted its buyback activity, with $340 million of stock repurchased in the first quarter. MarketScreener
Shareholder returns are still in focus. The company set a $1.30 quarterly dividend, payable June 29 to holders on record June 15. Shareholders re-elected directors and okayed pay and auditor proposals at the annual meeting.
But there’s a chance a new retirement-income product won’t stop outflows soon, particularly while fee pressure or choppy markets push clients into lower-cost passive funds. The annuity side has its drawbacks too—guarantees stick to TIAA’s claims-paying ability. The product targets eligible retirement plans, not the wider retail market.
The stock is sitting in the middle of its recent range, not breaking out. What matters next is if May and June flow data say retirement and income products are actually offsetting equity-fund withdrawals, instead of just softening the blow.
