T. Rowe Price (NASDAQ:TROW) completes its acquisition of Oak Hill Advisors, a move that accelerates T. Rowe's expansion into alternative credit markets and complements its existing global platform, core investments and distribution capabilities.
"This acquisition allows us to broaden our private markets business and add new capabilities in an area of tremendous client interest and growth," said Rob Sharps, T. Rowe Price (TROW) presidents, head of investments, group chief investment officer and incoming CEO.
With the closing of the deal, Oak Hill Advisors will operate as a standalone business within T. Rowe Price (TROW), have autonomy over its investment process, and maintain its team and culture. Glenn August, founder and CEO of OHA is continuing in his current role, and, as planned, will join T. Rowe Price's (TROW) board and management committee effective Dec. 30, 2021. Sharps will also join TROW's board at the same time.