T. Rowe Price Group is cutting its workforce by 2% in response to "an exceedingly challenging year for asset managers," the firm said in an emailed statement on Thursday.
"The challenges we have faced are likely to intensify," the company said in the statement. "To address current market conditions and protect our ability to invest for future growth, we made targeted expense reductions across the enterprise, including further reducing our third-party spending and eliminating roles, with approximately 2% of our associate population departing the firm."
T. Rowe added in the statement: "We deeply value the dedication and the contributions of our departing associates and offered generous transition assistance packages, as well as outplacement support and resources in recognition of these associates' many contributions to our firm."
In the company latest earnings report, issued on Oct. 27, T. Rowe Price said its assets under management declined by 6% from the second quarter to the end of the third quarter to $1.23 trillion.
Net client outflows totaled some $24.6 billion in the third quarter.
According to the firm's third-quarter earnings release, T. Rowe had 7,990 employees as of Sept. 30.
T. Rowe Price officials declined to share any more details on the job cuts.
