And will anyone ever be held accountable for the state of affairs? Ruining people’s lives just to chase the stock price, because they have no better ideas.
This is disgusting. I feel deeply for everyone affected, and I sincerely hope they find something soon.
@17n yeah, how many bad calls did it take to get fired around here? Evidently, a lot.
@d8 they need to speed up the exits of the underperforming analysts. The company can only take so much more of the underperformance. Bleeding isn’t stopping, what will happen in the end.
@d8 I feel for some of them. It’s hard to beat the index and sustained outperformance is hard. If there was a high performing Distribution team perhaps there would’ve been less outflows.
@d8 in an ironic twist, has T Rowe Price become sales led instead of investment led? Some dud Distribution people have been given a long time to prove themselves. If the company is getting rid of tenured PMs who have had good long term performance but poor 3 & 5 year numbers, then that’s a big shift. Biggest worry is that some of the PMs that have left are top notch with experience and education. Many of the Distribution staff on the other hand have worked at low tier firms previously and have equally low tier qualifications/education.
@d8 you need good fund performance but also need inflows at the end of the day. Select sales teams at TROW have been beyond useless for a while. If they had little/no sales and no outflows that would be useless. Some have had very little inflows but a lot of outflows. GONE BACKWARDS = BEYOND USELESS.
Has anyone noticed the number of portfolio managers who have been replaced? There have been repercussions for performance.
Well, the people who made the poor decisions which led to this outflow situation won't lose their jobs. Just people who tried to good job for the firm.
There is no fairness at this company. Incompetent and selfish lower managers are backed by divisional, office and regional managers that are slightly less incompetent but double down on mistakes and troublesome managers.
I’ve seen absolutely horrible managers who are terrible humans and bullies, and also really bad at their job, been kept for years and years. The company is a lost cause.