T Rowe Price acquires $53bn asset manager

Oak Hill Advisors specialises in private, distressed, special situations, liquid and structured credit


T Rowe Price has acquired alternative credit manager Oak Hill Advisors in an effort to build out its footprint in private markets.

Oak Hill Advisors has $53bn (£38.4bn) under management across private, distressed, special situations, liquid, structured credit, and real asset strategies. T Rowe Price acquired the New York-headquartered business for approximately $4.2bn with $3.3bn payable at closing and up to $900m further upon the achievement of certain business milestones by 2025.

Oak Hill will become T Rowe Price’s private market platform but will remain a standalone business. It has more than 300 employees globally.

T Rowe Price group CIO and head of investments Rob Sharps (pictured) said: “As we bring together complementary capabilities and distribution, we can capitalise on growth opportunities for new product development that add value for our clients and stockholders. We share a vision with OHA’s seasoned management team to build a broader business in private markets by combining their specialty in alternative credit with our global scale.”

T Rowe Price chair and chief executive Bill Stromberg said: “While we are committed to our long-term strategy to grow our business organically, we have also taken a deliberate and thoughtful approach to considering adding new capabilities through acquisitions that advance our business strategy. OHA meets the high bar we have set for inorganic opportunities.


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