T. Rowe Price is an active asset manager that manages approximately $1.78T in AUM on behalf of individuals, financial intermediaries, institutions, and retirement plan sponsors globally. The firm's core business is retirement, anchored by its target date fund franchise — the largest fully active target date franchise in the U.S., accounting for roughly 32% of total AUM. These target date funds are used primarily in 401(k) plans and automatically shift asset allocation as investors approach retirement. T. Rowe Price also provides recordkeeping services for defined contribution plans, deepening its relationships with plan sponsors. Beyond retirement, the firm manages equity, fixed income, and alternative strategies across mutual funds, collective investment trusts, SMAs, ETFs, and non-U.S. pooled vehicles. T. Rowe Price also owns Oak Hill Advisors, an alternative credit manager focused on private credit, leveraged loans, and structured credit, which is central to T. Rowe Price's push into alternatives. Revenue is primarily investment advisory fees calculated as a percentage of AUM, meaning revenue moves with markets and net client flows. The firm has faced persistent net outflows since 2021, concentrated in active equity and mutual funds, driven by the industry-wide shift to passive management. T. Rowe Price is responding by expanding its active ETF lineup, growing OHA's private credit platform, building out SMAs, and extending its target date expertise to international markets through local partnerships.