T. Rowe Price Executive Stares Down Threat From Private Markets
Stephon Jackson is preparing to run a new division of the $1.3 trillion fund management firm as many companies choose to stay private longer.
One point seems to be lost in the mania over index-based investing: Stockpicking can actually be a lot of fun. At least this is how Stephon Jackson feels about the subject. As he becomes head of a new investment adviser at T. Rowe Price Group Inc., due to transition in 2022, he’s looking to work with managers who share his enthusiasm for active management. The strategies that will move to the new division accounted for about $167 billion as of Sept. 30. The group, called T. Rowe Price Investment Management (TRPIM), will pursue six strategies and operate as a standalone business, providing portfolio managers with more freedom to control the size of stakes they take in certain companies.
Jackson, 58, a 13‑year veteran of T. Rowe Price’s equities division, relocated from London to his hometown of Baltimore in March as worldwide pandemic lockdowns took hold. He spoke with Bloomberg Markets’ Annie Massa about his plans in his new position as head of TRPIM and some of the challenges on the horizon for T. Rowe Price. As an active investor in public markets, the $1.3 trillion fund management company is staring down a problem: Fewer and fewer companies are going public.