Thread regarding T. Rowe Price Group Inc. layoffs

@1f8 never liked one of the senior guys. Super superficial. Golden handshake and everything.

@1db It’s been well over a decade.

@gh Some remarkably terrible salespeople in both countries

I’m looking forward to a golden handshake. The local and regional leaders are inexperienced nincompoops that got me offsides. One can manage doing nothing at this place for years. Thank you for paying for children’s’ private school education and mortgage. I will bargain for more and laugh in your face.

@18f yeah super sad indeed and I wonder what the internal messaging was in both instances…

@1f8 London departures were people who just had enough and can afford to go.

@1f8 meh hope it changes stuff but meh

What do people think about the senior departures in London?

@1dc accounta what. At T. Rowe?

@16g In my experience, the firm doesn’t do accountability well. It seems to be a hype word used by global leadership but rarely a value that’s shown by local and regional management. I encountered the opposite so many times. Management just wants to cover their own backsides and even double/triple/quadruple down on mistakes.

@18f Parts of APAC and EMEA need a change. It’s super sad and a waste of potential. Means the US has to prop up underperformers for over a decade. Less jobs for Americans and less bonus pool probably as well.

@18d Personally, I have sold a few $B of FI since 2015 and still have a decent pipeline. Barely sold any equities. FI has had meaningful PM turnover in recent times, which doesn't make it so easy. Also, dislodging the likes of PIMCO is v difficult, but we are making progress.

You mention not to 'disparage your colleagues'...and yet you proceed to do exactly that. There is at least one FI PM that would have been heading for the exit if we hadn't recently won a decent sized client for him to manage.

@16k don’t think a lot of the equity strategies are doing too well. What’s disappointing though is the lack of activity in defending as performance ebbs and flows. One of the events in EMEA with top PMs was barely attended, they spaced out seats like it was COVID to make the room fuller, super sad. Also in APAC I’ve heard they’ve been bleeding massive flows and made up some half baked excuses why they’re losing.

@13n FI should be a good place to get sales. You must be a really bad sales guy if you can’t sell much FI and have to blame it on the investment professionals. Don’t disparage your colleagues. Or is it you’re one of those - equity go up, me sell equity - me get bonus - duuuuuh

@16k ...and what do you think we have been selling in recent years? Not growth equities...but we cannot stem the bleeding from what was sold years ago. It takes time to be seen as credible in selling 'newer' things and displacing incumbents.

@13n It’s easy to sell growth equities when performance was good for so long. A good salesperson should be able to pivot and also sell what isn’t easy to sell but is a good fit for a client's portfolio.

@13m The firm needs to get rid of the trash that’s caused the issues and stop falling for gullible excuses. T. Rowe Nice meant turning a blind eye to troublemakers and nogooders. The company needs T. Rowe Nice but with accountability.

@132 I’ve heard the story so much. You say you’re out seeing clients while really you’re just at home. If most of the clients are in the city anyway why do you have to WFH?

@gf Some people in FI need to know what duration is! Their ability to get the wrong side of it says a lot.

@10x it is going to take a while yet. Outflows still heavy and caused by multiple factors. Target dates now coming under pressure, which is a more recent thing. That is a huge concern. Not enough sources of growth to counter the constant outfow of the business that was built years ago. I am afraid this will continue for some time and I am not sure what the firm does to turn it round.

@12b Do yout think we can sell whilst in the office? Guess where we do our job...

@xh uuuuuuh sales people. Never see you guys in the office actually doing work. Walk… have a chat… eat some biscuits… work from home…

When do y’all actually think the company will get back to net inflows? A few years ago the story was oh its a temporary rough patch, to we see net flows coming back to positive territory in a couple of years, to we're setting ourselves up for the future.

@vg I am left wondering what occupies the space between your ears, but whatever. No, I don't have a pool - I do not want one - but, yes, get paid an awful lot of $ for which I work hard. Anyway, enough of your mo--nic rants polluting my day. Please don't confuse me for somebody that gives a sh-t what you think. Have a nice day.

Might be wrong but don’t think gross flows are at record levels… not that flash

@v3 No, pretty clear you never mention gross flows, just flows. Only thing you have right is AUM is growing because of market returns. Gross flows (just inflows) going up is like saying gravity brings things down, no sh-t Sherlock. Slippery salesman you’ve got a pool. Must be nice having one without working hard for it.

@ja No cool aid here. Read what I wrote. Gross flows are at record levels, as is AUM. These are facts. We are in net outflow as redemptions are even higher than inflows (there are multiple reasons for this), but the S&P props up the AUM figure. I am close enough to know exactly what is going on in flow terms, icluding what's ahead. I guess the TROW waterfall already filled my own pool, so I just shrug and watch it all unfold. Enjoy the ride 'bro'.

@f2 there seem to be some good sales people in London but I’ve interacted with a few of the senior managers there and absolutely not a fan of a few of them. In particular the ones that have been there for ages seem to be among the worst from what I’ve experienced.

@gf haha this happened in Sydney as well

@j1 lol you been drinking the cool aid bro. It’s public knowledge that there’s been so much outflows. Like a dam that’s burst. Latest Sep outflows as well came back huge outflows for both month and quarter. You’re living in dreamland where T. Rowe is swimming in a pool of money coming down a waterfall. The company’s in outflows and has been for a long time.

@f2 Given flows are at record levels, maybe Distribution is doing a few things rights? Cr-p performance is behind the outflows...

Guessing it depends on country and labour laws. US is primarily at will employment unlike UK and AU for instance.

Some absurdly stupid people in sales. An investment specialist once spent an hour trying to explain duration and other basic concepts to some of the salespeople… Would be hilarious if it wasn’t so sad.

This EMEA and what happen last week? Never like him. Distribution all BS.