T. Rowe Price Announced Acquiring Stake In UTI Asset Management Company (TROW)

11/9/2009 - T. Rowe Price Group (NASDAQ:TROW) announced it has entered into definitive agreements to acquire a 26% stake in UTI Asset Management Company Limited and UTI Trustee Company Pct. Ltd. for INR 6.5 billion (about $138 million). The transaction is subject to approvals and is expected to close in Q4 of 2009. T. Rowe Price CEO and president James A.C. Kennedy said, "We are excited about this opportunity to form a cooperative relationship with UTI, a leading investment manager with a strong reputation in India. Their general investment approach and client-focused model also lends itself to a solid cultural fit between our two companies. We look forward to a mutually beneficial relationship to share expertise in global investment management and distribution. This provides T. Rowe Price with an opportunity to participate directly in the tremendous growth potential of India's asset management industry. India's economic growth rate is second only to China's among large economies and its working-age population is expanding rapidly. The country's high savings rate and demographics favor strong growth in mutual fund investing over time."

Write to Chip Brian at cbrian@tradethetrend.com

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