T. Rowe Price Selected as One of its First Overseas Managers
BALTIMORE, Nov. 29 /PRNewswire-FirstCall/ -- T. Rowe Price today
announced it has won a U.S. equity mandate from the National Council for
Social Security Fund (SSF) of the People's Republic of China. This is the
first time that the SSF has partnered with non-Chinese investment managers
and marks the initial step into investing offshore. The assets will be
managed in T. Rowe Price's U.S. Structured Research strategy, a low
tracking error, research driven investment approach with a strong track
record of outperformance.
T. Rowe Price was one of ten selected investment managers and one of
two for U.S. equities.
"The National Council for Social Security Fund carried out significant
due diligence in choosing their first overseas investment managers and we
are proud to have been selected by them," said Todd Ruppert, president of
T. Rowe Price Global Investment Services Limited. "This is an important
assignment for us and establishes our investment management credentials and
presence in China."
The U.S. Structured Research strategy combines broad and deep
individual company research of S&P 500 Index stocks with disciplined, risk
controlled, structured portfolio construction. The portfolio consists of
approximately 250-300 stocks and is both sector and industry neutral. Alpha
generation comes from stock selection and avoidance. The tracking error
target is approximately 1.50%.
Founded in 1937, Baltimore-based T. Rowe Price (Nasdaq: TROW) is a
global investment management firm with $308.1 billion in assets under
management as of September 30, 2006. The firm provides a broad array of
separate account management, sub-advisory services, and mutual funds for
institutional and individual investors, retirement plans, and financial
intermediaries. T. Rowe Price's disciplined, risk-aware investment approach
focuses on diversification, style consistency, and fundamental research.
More information is available at http://www.troweprice.com/institutional.
About SSF
In August 2000, the Central Committee of CPC and the State Council
established a National Social Security Fund (NSSF), and set up National
Council for Social Security Fund (SSF) for managing and operating the
NSSF's assets. NSSF aims to be a solution to the problem of aging and
serves as a strategic reserve fund accumulated by the central government to
support future social security expenditures. SSF is responsible for the
management and operation of NSSF, including selecting investment managers
and custodians of the NSSF, to mandate them with and to monitor the
investment operation and custody of the NSSF assets, and to invest directly
in prescriptive markets in accordance with the related laws and
regulations. During the past few years the SSF has diversified its
investments and in 2004 the State Council agreed that NSSF could be
invested in overseas markets. More information is available at:
http://www.ssf.gov.cn
SOURCE T. Rowe Price
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Related links:
http://www.troweprice.com
http://www.ssf.gov.cn
http://www.troweprice.com/institutional
CONTACT:
Brian Lewbart, 410-345-2242 and Steve
Norwitz, 410-345-2124, both of T. Rowe Price Group
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