T. Rowe Price has announced the formation of a new global retirement strategy team that will look into new products and services and strengthen its public policy engagement.
The firm highlighted that two-thirds of its assets under management are in retirement and retirement-related accounts.
The team will be led by Michael Davis, who has been with the firm since 2016 and previously worked as the head of defined contribution plan specialists. In this role, he will be part of the global distribution executive team and chair the firm’s Retirement Leadership Council and the Defined Contribution Council.
He will report to Dee Sawyer, head of global distribution at T. Rowe Price.
Commenting on the new team, Sawyer said: “The creation of this new team reflects T. Rowe Price’s ongoing commitment to its retirement business and its dedication to providing best-in-class retirement insights and resources to our clients.”
“It brings together top talent with deep experience across all aspects of the retirement ecosystem. We are excited that Michael will leverage his proven track record as a visible industry leader and a champion for the needs of workers and retirees in this new way.”
The new team will mark a new step for the firm’s capabilities in the retirement space. In 2022, the firm added a dedicated expert in retirement public policy issues to its government affairs team. Additionally, in April 2023, it acquired Retiree Inc, a leading retirement income fintech firm.
Davis said: “T. Rowe Price has been a leading provider of retirement services for decades. The formation of this team will allow us to better coordinate the work we conduct firm-wide on behalf of our clients, and it’s particularly significant given the rapid evolution of the industry due to technological innovation, shifting demographics and changing market conditions.
“And importantly, it will enhance our ability to more effectively advocate for public policy positions to benefit plan sponsors, advisers and investors. Retirement is the number one investment goal for most investors, and it’s a hugely valuable aspect of our business.”
