T. Rowe Price CEO on tough first quarter: ‘What doesn’t kill you makes you stronger’

T. Rowe Price Group Inc. CEO Rob Sharps summed up the first quarter in one word: Challenging. The Baltimore-based money manager saw clients pull $18.1 billion in assets from equity funds during the quarter, bringing outflows during the last six months to more than $40 billion. The latest clawbacks occurred amid a backdrop that has seen investor sentiment decline due to fears related to the highest inflation in 40 years and the Russian invasion of Ukraine.