$TROW's 2Q16 earnings were reduced by a charge the company took in the quarter related to a Dell appraisal rights issue. $TROW, which opposes Dell going private, accidentally voted in favor of the move. $TROW, which owns shares of Dell through funds, had to compensate for the error, and that resulted in the $166.2MM charge.
Investment management firm $TROW has hired Linda Delivorias as a Senior Strategist in its Full-service Defined Contribution Plan Recordkeeping business. Most recently, Delivorias was a partner with human resources consulting firm Mercer. Earlier, she served Deloitte as an Employee Benefits Tax Manager.
Investment management firm $TROW has appointed Celine Dufetel as VP. Dufetel will assume office by year-end, and later take up the posts of CFO and treasurer in 1Q18. Earlier, Dufetel served McKinsey & Company as a partner and head of its North American Asset Management division. She succeeds Ken Moreland, who will be retiring in February 2018.
$TROW launches T. Rowe Price U.S. High Yield Fund, which focuses on total return through investments in U.S. high yield bonds. The fund is the result of the firm's acquisition of the Henderson High Yield Opportunities Fund from Henderson Global Investors (North America) Inc.
$TROW's BoD declared a quarterly dividend of $0.57 per share, payable on June 29, 2017 to stockholders of record as of June 15, 2017. $TROW's stockholders approved majority of those put forth in the annual meeting, including election of 13 nominees to BoD, and approval of 2016 compensation paid to executive officers.
$TROW entered into an agreement to acquire the Henderson High Yield Opportunities Fund from Henderson Global Investors (North America) Inc. The transaction will be concluded through the reorganization of that fund into a newly formed mutual fund, the T. Rowe Price U.S. High Yield Fund. The transaction is expected to close in late May 2017.

Investment manager $TROW reported 25.3% increase in its 4Q16 earnings, helped by higher revenues. Net income during the quarter rose to $379.8MM, or $1.50 per share compared to $303.2MM, or $1.07 per share during 4Q15. Net revenues rose 3.7% YoverY to $1.1Bil. Excluding items, $TROW earned $1.07 per share.
$TROW announced that CFO Kenneth V. Moreland will retire in 2017. The firm will begin the search for a new CFO immediately. Mr. Moreland’s official retirement date has not been determined beyond being later in 2017 as he will be assisting the firm through the transition period.
$TROW named 6 senior leaders as CIOs, effective March 31, 2017. Rob Sharps will be Group CIO. Henry Ellenbogen will be CIO, U.S. Equity Growth. David Giroux will be CIO, U.S. Equity Multi-Discipline. John Linehan will be CIO, U.S. Equity Value. Justin Thomson will be CIO, International Equity. And, Mark Vaselkiv will be CIO, Fixed Income.
$TROW said chairman and CIO Brian Rogers to retire on March 31, 2017, after nearly 35 year at the firm. At that time, he will step down from his role as CIO, which he has held since 2004. After retirement, Rogers will continue on the BoD and serve as non-executive chair.
$TROW said it expects global volatility to persist for some time. "Although third quarter markets are off to a strong start, we expect volatility to persist globally for some time, especially with political and economic uncertainties stemming from the Brexit vote and U.S. elections likely to linger," CEO William Stromberg said.
$TROW's 2Q16 earnings were reduced by a charge the company took in the quarter related to a Dell appraisal rights issue. $TROW, which opposes Dell going private, accidentally voted in favor of the move. $TROW, which owns shares of Dell through funds, had to compensate for the error, and that resulted in the $166.2MM charge.