UPDATE 1-T. Rowe hires stock picker to build Australian team

* T. Rowe hires stock picker to build Australian team

* More hires expected in coming months

BOSTON, July 26 (BestGrowthStock) – U.S. asset manager T. Rowe
Price Group Inc (TROW.O: ), which has said it wants to earn more
money abroad, announced on Monday that it hired a senior
executive to help build an equities team in Australia.

Randal Jenneke joins T. Rowe Price from Schroder Investment
Management, where we had been a senior portfolio manager for
domestic Australian portfolios and before that the head of
research for Australian stocks. The company said that
additional analysts will be hired in the next months.

T. Rowe Price, one of the 10 biggest U.S. publicly traded
asset managers with $391 billion in assets, keeps a low profile
by holding no investor conference calls and offering analysts
no guidance on earnings. Recently however, the company, which
has been managing money from Baltimore for 73 years,
underscored plans to move abroad by expanding in India and
Taiwan.

The move in Australia, where T. Rowe has had a client
service office in Sydney since 2004, is designed to help the
firm launch new portfolios, it said a statement.

“Now is the right time to extend our investment presence to
enhance and leverage the T. Rowe Price global research platform
locally,” Chris Alderson, chief executive officer of T. Rowe
Price International, said in the statement.

In January, T. Rowe Price’s CEO, James Kennedy, said in an
interview that the company was likely to start earning more of
its revenue abroad with growth outside the United States
expected to outpace gains from U.S. customers.

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(Reporting by Svea Herbst-Bayliss, editing by Maureen Bavdek)

UPDATE 1-T. Rowe hires stock picker to build Australian team