T. Rowe Price Group is an asset management company that manages mutual funds and other investment products for individual and institutional investors, offering actively managed strategies across stocks, bonds and target-date retirement funds. As an active asset manager, T. Rowe Price relies on its investment teams making stock and bond selections aimed at outperforming market benchmarks, a business model that has faced increasing competitive pressure from lower-cost passive index funds and ETFs over the past decade. The company earns management fees based on the assets it oversees, meaning its revenue grows when markets rise and assets under management increase, and shrinks when markets fall or clients withdraw funds in favor of passive alternatives. T. Rowe Price has built a particularly strong position in retirement plan investing, including target-date funds used heavily in 401(k) plans, giving it a meaningful, more sticky revenue base tied to workplace retirement savings.