Cassandra Crowe

T. Rowe Price, a leading global asset manager with US$1.79 trillion asset under management[1], has announced the promotion of Cassandra Crowe to Head of Institutional Distribution for Australia and New Zealand, as well as Head of Consultant Relations for Asia Pacific. This appointment comes as the firm continues to deepen engagements with institutional investors in the markets with tailored solutions and dedicated expertise.

Crowe, based in Sydney, joined T. Rowe Price in 2019 and has served as Head of Consultant Relations for Asia Pacific since January 2025. In her expanded role, effective January 2026, she will lead a team of institutional client-focused professionals to further enhance client partnerships and develop new relationships in Australia and New Zealand. She will also retain her current responsibilities to continue to lead T. Rowe Price’s collaboration with the consulting community across its range of leading investment strategies in Asia Pacific.

Darren Hall, Australia and New Zealand Country Head at T. Rowe Price, to whom Crowe reports in her capacity as Head of Institutional Distribution for Australia and New Zealand, said, “Cassie brings extensive experience in building and managing relationships with global investment consulting firms and research houses. Her proven ability to navigate complex institutional environments, positions her well to lead our efforts in delivering tailored solutions and high-quality service to sophisticated institutional clients in Australia and New Zealand.”

Crowe is a member of T. Rowe Price’s Asia Pacific Distribution Leadership team. She also holds industry leadership roles as an executive founding director of the Bloomberg Women’s Buy Side Network for Australia and New Zealand, and as co-Chair of the Chartered Financial Analyst (CFA) Society Australia Member Council.

T. Rowe Price has been serving Australian institutional investors for over 20 years and is deeply committed to delivering investment excellence with a client-focused approach. Under Crowe’s leadership, the firm’s Australia Institutional Distribution team will continue to partner closely with clients to help them achieve their long-term investment objectives with T. Rowe Price’s comprehensive suite of investment strategies and solutions across equities, fixed income, alternatives, multi-asset, and retirement.

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Notes:
[1] As of October 31, 2025. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates. Preliminary data. Subject to adjustment.

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Andrew Godfrey

Equity Trustees has been appointed Responsible Entity for the newly launched T. Rowe Price Global Structured Research Equity Fund in Australia, continuing a long-standing partnership that has seen more than 10 funds established over 18 years.

T. Rowe Price introduced its Global Structured Research Equity Strategy to the Australian market available either as a hedged or an unhedged exposure to offer a differentiated global equities solution. The actively managed strategy harnesses the stock-selection skills of the firm’s renowned global research platform to provide Australian investors with diversified exposure to the core segment of the global equity market.

Leveraging the insights of the T. Rowe Price’s 70 experienced global equity analysts, the strategy aims to offer a low tracking error alternative to passive equity allocations, providing benchmark-like volatility and risk characteristics with the added opportunity for long-term capital appreciation. With a diversified portfolio of 750 to 1,000 stocks, it seeks to consistently perform across different market environments with less exposure to extreme style or sector leadership changes.

Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees, said: “We are proud to support the launch of the T. Rowe Price Global Structured Research Strategy as Responsible Entity in Australia. This is a sophisticated fund structure, and we are pleased to bring our experience and oversight to a global manager that shares our commitment to long-term outcomes for investors.”

Darren Hall, Head of Australia and New Zealand at T. Rowe Price, said: “We value the role that Equity Trustees plays in helping us deliver high-quality, institutionally robust fund structures to the Australian market. Their expertise in administrating complex structures and ensuring governance rigour allows us to focus on what we do best, delivering long-term value through active management.”

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Darren Hall

T. Rowe Price, a leading global asset manager with US$1.51 trillion in assets under management^[1], has launched Global Government Bond High Quality Fund as the firm’s seventh Australian Unit Trust (AUT) for wholesale and institutional investors.

The fund seeks capital appreciation and interest income by investing primarily in bonds issued by high quality governments, government-related entities and government agencies located around the world and in global currencies. 

Darren Hall, T. Rowe Price’s Head of Distribution and Country Head for Australia and New Zealand said the fund launch was another example of how T. Rowe Price was continuing to investment in areas where its investment capabilities intersected with Australian client needs.

“Over many years, much of the return from bond markets has been made by steadily falling yields and tightening credit spreads. However, this benign investment environment was upended in 2022 as the US Fed, Reserve Bank of Australia and other central banks around the world embarked on a rapid rate hiking cycle to curb high inflation. This new market environment of structurally higher bond yields, higher volatility and greater dispersion between countries creates new opportunities for asset owners to think about their global fixed income program,” Mr. Hall said.

The fund seeks to achieve attractive risk-adjusted returns across global bond markets, supported by an extensive macroeconomic research process. It is a benchmark aware, and a highly flexible government bond strategy that is designed to seek consistent outperformance by exploiting inefficiencies within the global fixed income market and managing portfolios within a disciplined risk management framework. Alpha is expected to be generated through highly active interest rate and country management and not by adding credit risk.

The portfolio manager is London-based Arif Husain, CFA, who has 28 years of investment experience and is T. Rowe Price’s Chief Investment Officer and Head of Global Fixed Income.

Over the past 10 years to December 31, 2023, 88% of T. Rowe Price’s fixed income composites have outperformed their respective benchmarks gross of fees^[2] and 77% have outperformed their respective benchmarks net of fees^[3].

“T. Rowe Price has built a substantial global presence in fixed income investing over the last 50 years, and we are committed to expanding our fixed income product range in Australia,” said Mr. Hall. “Australia is the second largest market for T. Rowe Price in Asia Pacific and is also one of seven markets that are part of T. Rowe Price’s Global Growth Initiative because of its growth potential and our ability to meet financial intermediary and institutional client needs. As part of this initiative, we are actively investing in on-the-ground products, resources and marketing efforts to solidify our presence in the Australian market.”

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Notes:
[1] As of February 29, 2024. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates. Preliminary data. Subject to adjustment. Past performance is not a reliable indicator of future performance.
[2] 50 of 78 (64%), 53 of 69 (77%), and 38 of 43 (88%) of our fixed income composites outperformed their respective benchmarks on a gross of fees basis for the 3-, 5-, and 10-year periods ended 31 December 2023. Results would have been lower as the result of the deduction of applicable fees.
[3] 30 of 78 (38%), 36 of 69 (52%), and 33 of 43 (77%) of our fixed income composites outperformed their respective benchmarks on a net of fees basis for the 3-, 5-, and 10-year periods ended 31 December 2023. Figures shown are net of fees and reflect the deduction of the highest applicable management fee that would be charged based on each composite’s fee schedule, without the benefit of breakpoints. Includes marketed fixed income composites with a fee schedule, excluding duplicate masters, compared to official composite primary benchmark.

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Richard Coghlan

T. Rowe Price, a leading global asset manager with over US$1.3 trillion in assets under management, has announced it is relocating a senior multi-asset portfolio manager from Tokyo to Sydney to increase engagements with Australian clients.

Richard Coghlan, whose responsibilities include being a key member of T. Rowe Price’s Multi-Asset Steering Committee, overseeing the firm’s Multi-Asset Global Investment Strategies team and being a portfolio manager for the Real Assets Strategy and Multi-Asset Global Income Strategy, will be based in Sydney from 1 January 2024. With his wealth of experience in global investment solutions and retirement investment, Coghlan will deepen the firm’s relationships with local clients in these areas.

Darren Hall, T. Rowe Price’s Country Head and Head of Distribution, Australia welcomed the addition of Coghlan to his team of investment experts. “This move will enable the Global Multi-Asset Division to increase coverage in Australia, which has been identified as a focus market in T. Rowe Price’s global growth strategy. Richard will help us expand our solutions offering, including working toward the development of Australian retirement capabilities, especially around target date solutions.

“He will also provide broad market views to institutional investors to deepen our partnerships and grow our business. We are excited about the opportunities this move will bring to the firm and the Australian market,” Mr Hall said.

T. Rowe Price’s multi-asset division managed over US$440 billion in multi-asset portfolios for retail and institutional clients as of September 30, 2023.

Its target date retirement strategies seek to provide investors with an age-appropriate, diversified portfolio that can carry an investor to and through retirement. Target date solutions have become important retirement investment vehicles for many individual investors and for a growing majority of those participating in defined contribution plans.

T. Rowe Price is the third largest provider of target-date portfolios in the U.S.^[1], with US$372 billion target date retirement assets under management as of September 30, 2023.

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[1] Source: Morningstar (2023). “2023 Target-Date Funds and CITs Landscape.”  See Additional Disclosures for sourcing information.

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Hari Balkrishna

T. Rowe Price has announced the launch of a first global impact equity product that allows Australian investors to simultaneously pursue their financial goals and a positive impact on global environment and social equity issues.

In recognition of the important linkage between societal good and financial performance, the T. Rowe Price Global Impact Equity Fund (the Fund) provides a high-conviction, truly global equity portfolio that seeks to invest in companies creating sustainable, positive, and measurable impact, and identify the added return potential this can bring.

The Fund employs an active management approach to seek companies that we believe are on the right side of societal and environmental change. It focuses on three impact pillars: climate and resources, social equity and quality of life, and sustainable innovation and productivity guided by the United Nations Sustainable Development Goals (UN SDGs). It excludes certain industries and companies that the manager believes do not conform to the Fund’s impact mandate, such as fossil fuel^[1], tobacco, gambling/ casinos, and for-profit prison companies.

The Fund is certified by RIAA’s Responsible Investment Certification Program^[2], which is a leading initiative for distinguishing quality responsible, ethical and impact investment products and services in Australia and New Zealand. In close partnership with RIAA (Responsible Investment Association Australasia), the Fund adopts industry-leading practices to provide full transparency on the impact targets of all its portfolio holdings. Its investment process is endorsed by RIAA as embedding clear principles of materiality and measurability to form the basis for identifying positive impact for clients.

As an Australian Unit Trust, the Fund is available now to wholesale and institutional investors in Australia and New Zealand, as well as to retail and advised investors in Australia on various distribution platforms, including Hub24, Netwealth and Wealth O2. It is also being added to more major platforms.

Darren Hall, Head of Distribution for Australia and New Zealand, T. Rowe Price said: “We are pleased to launch the Fund with a RIAA certification that signifies best-in-class operational and disclosure standards. Over the last decade, T. Rowe Price has invested significantly to integrate ESG factors into our investment research platform, recognising that the long-term sustainability of our portfolio companies is critical to their financial success and to our mission of helping clients reach their financial goals. As an active manager, we want to make a difference with our dollars by directing capital towards desired impact outcomes as well as to influence positive environmental and social progress.”

Simon O’Connor, CEO of Responsible Investment Association Australasia (RIAA) siad “RIAA’s Responsible Investment Certification Program differentiates quality, true to label responsible investment products which meet the Responsible Investment Standard.  It is pleasing to see the growing number of fund managers offering quality impact investment options in the Australian market place in response to the demand from investors who want to achieve a positive impact on the environment and society alongside strong financial returns. We congratulate T. Rowe Price on meeting the high benchmark set for Certification as an impact investment fund.”

Hari Balkrishna, Portfolio Manager, T. Rowe Price Global Impact Equity Fund said: “The investment industry has reached an exciting point where we can contribute to positive societal and environmental change, alongside a focus on financial performance. Being able to marry these goals together in a single strategy is an exciting step forward for us as investors, and we look forward to partnering with clients in our pursuit of positive impact at scale, on a truly global basis.”

T. Rowe Price Global Impact Equity Fund details

The Fund will be aligned with the United Nations Sustainable Development Goals (UNSDGs), a globally recognized framework designed to end poverty, ensure prosperity, and protect the planet.

The Fund is managed by Hari Balkrishna. Balkrishna has 15 years of investment industry experience, almost entirely at T. Rowe Price. Prior to being appointed the portfolio manager of the Fund, Balkrishna worked closely with Scott Berg on the T. Rowe Price Global Equity Strategy for more than five years. Having lived and worked on five continents, including Australia, Balkrishna has a deep appreciation for the many different social systems around the world and he is personally passionate about addressing climate change.

The Fund will employ an all-capitalization, high-conviction approach, typically owning between 55 and 85 securities, focused on those that Balkrishna believes will create positive environmental and social impact, along with attractive outcomes, over a long-term time horizon.

As with other T. Rowe Price strategies, the Fund will draw upon the firm’s global equity research platform, comprising 203 equity research analysts, 10 sector portfolio managers, and 73 regional and diversified portfolio managers. In addition, the Fund will tap the deep expertise of the firm’s Environmental, Social and Governance (ESG) experts and responsible investing research analysts as well as its proprietary Responsible Investing Indicator Model (RIIM), a database detailing how more than 15,000 securities measure up against established environmental and social parameters.

The Fund received an “Approved” rating from renowned research and investment consultancy, Zenith Investment Partners, which highlighted the Fund’s the investment process as “differentiated and logical”^[3].

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[1] Fossil fuel companies are defined as those that generate greater than 5% of revenues from the production of thermal coal and companies that are identified within the Oil or Gas industry through the GICS and/or BICS classification.
[2] T. Rowe Price Global Impact Equity Fund has been certified by the Responsible Investment Association Australasia according to the strict operational and disclosure practices required under the Responsible Investment Certification Program. See http://www.responsiblereturns.com.au for details. The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is suitable investment or that returns are guaranteed. Appropriate professional advice should be sought prior to making an investment decision. RIAA does not hold an Australian Financial Services Licence.
[3] The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned 24 November 2021) referred to in this piece is limited to “General Advice” (s766BCorporationsAct2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines [zenithpartners.com.au].

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Craig Hurt

Global investment firm T. Rowe Price had announced the appointment of Craig Hurt as its new Head of Institutional for Australia and New Zealand, effective October 5. 

Hurt’s leadership appointment will enable the firm’s existing institutional sales team to deepen their channel focus, allowing team members to enhance their level of engagement with clients as the firm diversifies its business in the institutional market.

Based in Sydney, Hurt will report to Darren Hall, Head of Distribution for Australia and New Zealand. He will be responsible for leading a growing team of institutional sales professionals to service existing clients and develop new relationships with relevant investment solutions.

Hurt joins T. Rowe Price after 16 years with AXA Investment Managers where he held the position of country head of Australia and New Zealand since 2007. He has been active in the ESG investing space for over a decade and has had led successful launches of ESG integrated strategies. 

Hall said, “Craig complements the existing team well. He has an extensive track record as an experienced, consultative business builder, and possesses the business acumen and strategic mindset required to navigate a rapidly changing dynamic channel. His reputation and deep connections across the institutional market will support further opportunities for T. Rowe Price’s growth.”

He continues, “ESG and developing strategies suitable for our market is a high priority growth initiative coming into 2022 and beyond. Craig’s extensive expertise in this area, combined with T. Rowe Price’s global ESG capabilities, will shape our local distribution strategy and provide further benefit to clients.”

Hurt said, “The Australian market is rapidly evolving. It is an exciting time to be joining T. Rowe Price’s client-centric team to assist clients through this change with our world-class investment solutions.” 

T. Rowe Price started its Australian presence in 2004 and has a strong foundation for future growth with a well-balanced business across the intermediary and institutional market. 

As the firm’s institutional team enters its next phase of growth under Hurt’s leadership, it will focus on engaging with clients across equity, fixed income, multi-asset and retirement solutions. 

T. Rowe Price currently offers a range of global investment strategies to institutional clients in Australia and New Zealand, as well as Australian Unit Trusts and Separately Managed Accounts to retail and advisor-directed investors in Australia.

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Jonathon Ross

Global investment firm T. Rowe Price has appointed Sydney-based Jonathon Ross as Head of Intermediary Australia and New Zealand to lead the firm’s continued growth in the intermediary channel.

Ross joined T. Rowe Price in 2015 as Relationship Manager and has been acting Head of Intermediary since May 2020. He officially took over his current remit on September 1 from Darren Hall, who was promoted as Head of Distribution for Australia and New Zealand on August 28.

In his new role, Ross is responsible for the financial intermediary distribution businesses in Australia and New Zealand and continues to report to Hall. Prior to T. Rowe Price, he held business development positions at NAB Asset Management and MLC, achieving the ‘Investment BDM of the Year’ award, and the ‘Most Consistent’ award twice.

“Jonathon’s extensive experience, enthusiasm and high energy approach are the perfect qualities to lead the team through the next stage of growth,” said Hall. “He has been an integral part of T. Rowe Prices’s growth and success in the intermediary channel, leading some of our largest client relationships and driving new initiatives for future growth.”

“Advisers are an incredibly important segment to our business and there is ample evidence that people who seek financial advice have better financial outcomes,” said Ross. “It’s a privilege to lead the firm’s well-respected and highly capable team to support the adviser community, especially amidst these times of accelerated change where fund managers and advisers alike have had to adapt to stay engaged. Our key focus is to continue to provide relevant support and a high level of service to the adviser community.”

Since Ross joined the firm in 2015, T. Rowe Price has grown the number of Australia-based adviser-facing associates from two to eight1. Under his leadership, the team will continue to diversify the business, while delivering world-class service and investment solutions to clients.

T. Rowe Price currently offers five Australian Unit Trust funds to retail and advisor-directed investors in Australia, in addition to its global range of investment strategies offered to institutional clients in Australia and New Zealand. The T. Rowe Price Australian Equity SMA and the T. Rowe Price Australian Equity Fund were both rated “Highly Recommended” by investment management research house Lonsec in 2020^[2] .

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In his new role, Hall will be responsible for the institutional and financial intermediary businesses in Australia and New Zealand (ANZ) and will report to Nick Trueman, Singapore-based Head of Distribution for Asia Pacific at T. Rowe Price.

Based in Sydney, Hall has more than 20 years of investment experience, 13 of which have been with T. Rowe Price. Over the past decade, he has worked closely with Brewer to deliver the firm’s investment solutions and products to ANZ clients and has played an integral role in building out the firm’s local team of distribution professionals. Prior to joining T. Rowe Price in November 2007, he held business development and national account positions with Schroder Investments Australia and Credit Suisse Asset Management.

“We are pleased to have Darren, a long-standing contributor to T. Rowe Price’s ANZ business, take over the reins. His extensive experience and expertise in relationship management, understanding of the local market and demonstrated investment knowledge make him the ideal leader for our ANZ operations. We are well-placed to continue our success under Darren’s leadership,” Trueman said.

T. Rowe Price started its Australian presence in 2004 and has grown to become among the highest inflow managers for global equities in the domestic intermediary market while holding a strong reputation in the institutional market.

“Over the years, we have put in place a strategy to diversify our business by covering more segments and clients and providing a broader range of investment strategies to clients in the Australia. We will continue to build on the robust and diversified business Murray has led, with a focus on delivering world class service and relevant investment solutions to our clients,” Hall said.

T. Rowe Price currently offers a range of global investment strategies to institutional clients in Australia and New Zealand, as well as five Australian Unit Trust funds to retail and advisor-directed investors in Australia.

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Darren Hall

T. Rowe Price has announced a lower local fee structure for its flagship Australian Unit Trust (AUT) – Global Equity Fund (I Class), ahead of the local regulatory change to phase out conflicted grandfathered remuneration. Effective on 1 July 2020, the management fee for the T. Rowe Price Global Equity AUT Fund will move from 1.18% p.a. to 0.94% p.a^[1].

Darren Hall, Australian Sales Manager at T. Rowe Price, commented, “Putting client interests first is a core value of our firm and a key determinant influencing our decision making. We are very pleased to offer a highly-competitive new fee structure, which assists advisers to meet their ‘best interest duty’ and provides a more attractive entry point to end investor.”

“As the industry transitions away from legacy systems and processes, modern structures are evolving around how to support investors achieve their capital and income needs, and we are pleased to be working well ahead of the Government’s year-end timeline for cleaner remuneration arrangements,” he said.

The A$3.4 billion^[2] T. Rowe Price Global Equity Fund, managed by Scott Berg for over eight years, was recently awarded the highest Morningstar Analyst Rating of ‘Gold’^[3].  A key differentiator for the T. Rowe Price Global Equity Fund is that its 150 stocks are invested across around 30 countries^[2], whereas a typical global equity fund usually invests in around 17.

The fund’s new pricing aligns it with other T. Rowe Price local offerings, including the T. Rowe Price Australian Equity Fund (0.60% p.a. I-Class) and T. Rowe Price Dynamic Global Bond Fund (0.40% p.a. I-Class)^[1], both of which have been competitively priced for a post Future of Financial Advice (FOFA) and Royal Commission environment.

Fees for the T. Rowe Price Global Equity Fund (Hedged) (I Class) will also be reduced on 1 July 2020, from 1.20% p.a. to 0.99% p.a.^[2]

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[1] For the break-down of the management costs, which may include any indirect costs for the Fund, please refer to the Product Disclosure Statement for the Fund for further details.
[2] As of February 29, 2020
[3] As of March 17, 2020. Morningstar assesses fund managers on the basis of how they are perceived to perform in the future over an economic cycle, against both peers and accepted benchmarks. For detailed information about the Analyst Rating, including its methodology, see www.morningstar.com.

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The T. Rowe Price Global Equity Fund (I Class) has received the highest Morningstar Analyst Rating of ‘Gold’. Managed by U.S.-based portfolio manager, Scott Berg, and London-based associate portfolio manager, Hari Balkrishna, the Fund has A$3.4 billion under management and a 1-year annualised return of 19.71%.

Morningstar highlighted in its Global Fund Report that “T. Rowe Price Global Equity’s impressive manager and best-in-class research platform push this fund to the top of the global equity peer group.”

In the same report, Morningstar specifically referenced Berg’s experience and “impressive command of the portfolio” which backed by T. Rowe Price’s research and vast resources “gives this strategy a clear edge”.

Darren Hall, Australian Sales Manager at T. Rowe Price, said, “We’re delighted to have received Morningstar’s Gold Analyst Rating for the T. Rowe Price Global Equity Fund. Scott and the team have been doing a tremendous job in striving to consistently deliver alpha for investors, while managing risks, over a long timeframe, and the Gold rating upgrade reflects Morningstar’s strong conviction in his approach.”

“Despite the uncertainty and volatility in markets at the moment, we believe there is definitely an opportunity to “buy-in” right now in some markets that have been hit hardest. Scott’s expertise in finding the companies that can potentially emerge from this period in a stronger position are a trademark of the way he has managed the T. Rowe Price Global Equity Fund over the last eight years.”

A key differentiator for the T. Rowe Price Global Equity Fund is that its 150 stocks are invested across around 30 countries, whereas a typical global equity fund usually invests in around 17. This means the Fund is well-diversified and truly global in design, with Berg and Balkrishna being able to utilize the firm’s research platform with over 400 investment professionals globally, to find the best investments across all sectors, geographies and markets.

This includes holding a significant allocation to emerging markets which Morningstar also highlights in the Global Fund Report  as a key strength of the portfolio under Berg’s stewardship: “Berg sets it apart by investing meaningfully in emerging markets, with an exposure more than double the MSCI All County World ex Australia Index, particularly in India and southeast Asian countries like the Philippines. This emerging-markets stake could increase volatility in the wrong hands, but we don’t think that’s the case here with Berg at the helm. Since he’s taken over, Berg has amassed a strong record, beating the strategy’s index and peer group, with less risk.”

“While we’re thrilled to have been upgraded by Morningstar, we also understand investors are feeling nervous around markets and the current investment environment. We believe having the right solutions, recognition by a highly-respected research house like Morningstar, can give investors some comfort during what is undoubtedly going to be a volatile time ahead in the short term,” added Hall.

The T. Rowe Price Global Equity Fund is also available 100% hedged in Australian dollars for investors who would like their currency managed. Both funds are available on a number of major distribution platforms.

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