In this articleTROW your favorite stocksCREATE FREE ACCOUNTThe T. Rowe Price nology Development Center in New York, US, on Monday, May 1, 2023. Bing Guan | Bloomberg | Getty ImagesT.
Rowe Price s rallied Thursday after the asset manager struck a $1 billion deal with Goldman Sachs to sell private market ducts to retail investors.Goldman will buy up to $1 billion in T.
Rowe Price common stock through open market purchases with the intention to own up to 3.5%, according to the announcement.
The two financial firms will team up to offer wealth and retirement funds that give access to private for individuals, financial advisors, plan sponsors and plan participants.T.
Rowe Price s surged nearly 6% in afternoon trading Thursday."This investment and collaboration represent our conviction in a d legacy of success dering results for investors," David Solomon, CEO of Goldman, said in a statement.
"With Goldman Sachs' decades of leadership innovating across public and private and T.
Rowe Price's expertise in active , clients can invest confidently in the new opportunities for retirement savings and wealth creation."Loading chart...T.
Rowe Price's s have struggled over the years with the Baltimore-based firm slow to embrace the exchange-traded fund boom with its bread and butter being active management, resulting in massive withdrawals and disappointing returns.
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Rowe s have vided a negative return over the last five years for investors.The new deal came on the heels of President Donald Trump's newly signed executive order that aimed at allowing investors greater access to alternative assets for 401(k) plans, including cryptocurrencies and private market assets.Don’t miss these insights from CNBC What Nvidia's earnings mean for the stock market and AI tradeJosh Brown says if Apple announced a deal with Perplexity AI, the s would hit a recordChallenging Buffett: Buying wonderful companies at fair prices isn't more fitableBest Stocks: The value name with one of the best long-term charts Josh Brown has ever seen