T. Rowe Price Singapore Private Ltd. (Price Singapore) is an investment adviser registered
under the Investment Advisers Act of 1940 (Advisers Act) and a wholly owned subsidiary of
T. Rowe Price International Ltd (Price International Ltd) which is a wholly owned subsidiary of
T. Rowe Price Associates, Inc. (Price Associates) which itself is a wholly owned subsidiary of
T. Rowe Price Group, Inc. (Price Group). Price Singapore is a Singapore limited private
company licensed by the Monetary Authority of Singapore (MAS) to provide investment
management services for clients who seek to invest in global securities markets. Price
Singapore and its affiliated investment advisers: Price Associates, Price International Ltd,
T. Rowe Price Hong Kong Limited (Price Hong Kong), T. Rowe Price Australia Limited (Price
Australia), T. Rowe Price Japan, Inc. (Price Japan), T. Rowe Price Investment Management,
Inc. (Price IM), and T. Rowe Price (Canada), Inc. (Price Canada), are collectively referred to
herein as the Price Advisers. Additionally, T. Rowe Price Advisory Services, Inc. (TRP
Advisory Services), an affiliated investment adviser, provides investment advice to U.S.
domiciled clients. (Please refer to Part 2A of Form ADV for each Price Adviser for additional
disclosure about the Price Adviser.) Price Group and all of its affiliated entities are collectively
referred to herein as T. Rowe Price. For purposes of this brochure, “we,” “us,” and “our” mean
Price Singapore.
In addition to the above noted affiliated investment advisers, Oak Hill Advisors, L.P., (OHA) an
SEC-registered investment adviser is a wholly-owned subsidiary, along with other OHA-affiliated
entities.
Price Singapore and its affiliated entities are committed to meeting the needs of institutional
investors worldwide. Price Singapore primarily provides discretionary investment advisory
services and has the authority to select securities or other investment vehicles, all collectively
referred to herein as securities, consistent with clients’ investment guidelines. However,
certain clients may limit or prohibit investment in certain sectors, instruments, and securities as
further described below. Price Singapore offers the following services:
Institutional Separate Account Management
The Price Advisers maintain multiple active management strategies including equity and fixed
income asset classes as follows
U.S., Global, and International Equity mandates including small-, mid-, and large-cap,
growth, value and core, index-enhanced, as well as sector-specific equity mandates;
U.S., Global, and International Fixed Income mandates including active taxable (core
plus, core, enhanced bond), cash management, short-term, high yield, global,
emerging markets, and sector-specific fixed income mandates.
As further discussed, in Item 13 – Review of Accounts and Item 16 – Investment Discretion,
actual mandates within each strategy will vary based on client needs and instructions. The
Price Advisers often implement individualized investment guidelines and restrictions, including if
applicable, restricting certain securities, types of securities, and implementing client preferences
with respect to environmental, social, or corporate governance (ESG) factors. Limitations
imposed on active management strategies may impact the Price Advisers’ management of an
account and accordingly an account’s performance. The Price Advisers use internal and
external sources to implement individualized investment guidelines.
Registered Funds and Collective Investment Funds
The Price Advisers and their affiliates sponsor and/or establish the following investment
vehicles, all collectively referred to herein as Price Funds:
(i) registered investment companies, including open-end investment companies
(mutual funds) and exchange traded funds (ETFs) to which Price Associates
serves as adviser and Price International Ltd, Price Hong Kong, Price Singapore,
Price Japan, Price Australia and/or Price IM may serve as subadviser (Mutual
Funds and ETFs sponsored by Price Advisers are referred to as (TRP Mutual
Funds) and (TRP ETFs), and collectively as (TRP Investment Funds);
(ii) non-U.S. collective investment funds to which Price International Ltd serves as
adviser and Price Associates, Price Hong Kong, Price Singapore, Price Japan,
Price Australia and/or Price IM may serve as adviser or subadviser;
(iii) common trust funds to which Price Associates, Price International Ltd, Price Hong
Kong, Price Singapore, Price Japan, Price Australia and/or Price IM may serve as
adviser and/or subadviser to the trustee (TRP Trusts);
(iv) Canadian domiciled pooled vehicles to which Price Canada serves as adviser and
Price Associates, Price International Ltd, Price Hong Kong, Price Singapore, Price
Japan, Price Australia and/or Price IM may serve as subadviser; and
(v) private investment funds to which Price Associates serves as adviser (TRP Private
Funds).
Price Singapore serves as investment subadviser to certain TRP Investment Funds for which
Price Associates sponsors and serves as investment adviser. Price Singapore may also serve
as subadviser for some non-U.S. collective investment funds sponsored by Price International
Ltd or Price Japan and the Canadian domiciled pooled vehicles sponsored by Price Canada.
Information concerning each such fund, including details of the advisory fee, is disclosed in
each fund’s current disclosure documents (e.g., prospectus).
Price Singapore may serve as investment adviser or subadviser to certain employee benefit
plans for which T. Rowe Price Trust Company (Trust Company), a wholly owned subsidiary of
Price Associates, may serve as directed trustee and for which T. Rowe Price Retirement Plan
Services, Inc. (Retirement Plan Services), a wholly owned subsidiary of Price Associates, may
provide recordkeeping, participant accounting, and communication services. Certain of these
and other employee benefit plans have authorized investments in one or more collective
investment funds (also known as common trust funds) for which the Trust Company serves as
trustee and Price Singapore may serve as investment adviser or subadviser to the trustee. The
amount of the investment is generally determined by the participating plans. Fees paid to the
Trust Company regarding investment in a common trust fund are generally paid by the common
trust fund pursuant to its governing documents or are paid by the plan pursuant to a contract
between the Trust Company and the plan.
Subadvisory Mutual Fund Management
Price Singapore may serve as investment subadviser to mutual funds sponsored by insurance
companies, banks, and other third-party financial institutions. Pursuant to an investment
subadvisory agreement, Price Singapore provides day-to-day investment management services
to the fund; supports the fund’s compliance with applicable investment restrictions and
investment policies; provides periodic performance and compliance reports to the fund’s adviser
and its board; and assists the fund’s service providers in pricing certain securities and preparing
various fund-related materials to be included in fund registration statements, proxies, and semi-
annual and annual reports. It also provides investment-related content, fund communications,
and meeting support to the fund sponsor and its affiliates.
Multi-Asset Solutions
Price Singapore offers customized analysis, portfolio development and investment management
services focused on achieving specific client objectives, including but not limited to income
generation, liquidity needs and reduced volatility. The customized multi-asset strategies draw
from equity, fixed income and alternative investment opportunities. Price Singapore uses our
global research coverage to further offer regional and market specialization within the Multi-
Asset Solutions strategies. The strategies utilize a variety
of underlying strategies based upon
the client’s unique objectives, asset allocation and target risk/return analysis. The strategies
focus on strategic and tactical asset allocation and fundamental security selection. The Price
Advisers offer custom target date allocation services including glide path design and
management.
Assets Under Management
As of December 31, 2023, Price Singapore managed approximately $7.4 billion on a
discretionary basis for its advisory and subadvisory services to both proprietary (such as the
Price Funds) and third-party U.S. and non-U.S. clients. As of the same date, Price Singapore
did not manage assets on a non-discretionary basis for its clients.
The above figures for assets managed on a discretionary basis include assets that may be
delegated to another Price Adviser. (For example, Price Singapore contracts with clients and
delegates investment management authority to Price Associates for certain US equity strategies
as authorized in client investment management agreements.) Such assets are also reported in
the advisory affiliate’s Part 2A of Form ADV.
Indirect Investment Services
Litigation. As an investment manager, we may be asked to decide whether to file proof of
claims for class actions or bankruptcy proceedings for assets held in an account. It is the
client’s responsibility to monitor and analyze its portfolio and consult with its own advisers
and custodian about whether it has claims that it should consider pursuing. As a general
matter, Price Singapore cannot, without client written authorization, exercise any rights a
client may have in participating in, commencing or defending claims. Price Singapore will
not engage in litigation on a client’s behalf.
Securities Lending. The Price Advisers generally do not enter into securities lending
arrangements for our clients, other than for the Price Funds. Under typical securities lending
arrangements, a manager loans a security held in a client’s portfolio to a broker-dealer in
exchange for collateral. The client may earn potentially enhanced returns from these
arrangements by collecting finance charges on the loan or by investing the collateral. Such
returns are generally shared between the client and the securities lending agent, and the
risk associated with the investment of collateral is generally borne by the client.
Some of our clients have established separate securities lending arrangements with their
custodian. If a client has entered into these arrangements, the client and its custodian are
responsible for adhering to the requirements of such arrangements, including ensuring that
the securities or other assets in the account are available for any securities lending
transactions. For accounts that we actively manage, we execute transactions based on a
number of factors, including market conditions and best execution, and do not consider
factors relating to a client’s securities lending arrangement, such as whether the client’s
custodian may need to recall securities on loan to settle the sales transactions. We have
established policies and procedures in the event there is a loss or overdraft in connection
with a transaction where a security is not available in an account due to securities lending
activities.
Other Services
Training. As part of strategic, client partnership programs, the Price Advisers may arrange to
provide customized training to certain institutional clients that mandate training to be part of the
service requirements of their investment management agreement. Specifically, clients request
such training and reimbursement of costs as part of the services we provide. We limit
reimbursement to clients’ bona fide travel and accommodation expenses related to such training
events.
Travel. In very limited circumstances we may pay travel costs for clients and other business
contacts including airfare and hotels for educational events sponsored by the Price Advisers.
These arrangements are only granted with approval of senior management, as well as the
approval of the T. Rowe Price Ethics Committee.
Marketing. The Price Advisers provide, at their own expense, compensation to third-party
financial intermediaries that have sold shares of or provide other shareholder services to the
TRP Investment Funds. These payments are in exchange for a variety of both distribution and
non-distribution shareholder services, and may take the form of asset-based, transaction-based,
or fixed dollar payments. These payments are commonly referred to as revenue sharing
payments within the financial industry. These services may include, but are not limited to:
business planning assistance; advertising; educating financial intermediary personnel;
placement on the financial intermediary’s sales platform; inclusion on a no-transaction fee fund
list or preferred funds list; periodic sales reporting and data on the TRP Investment Funds; and
access to sales meetings, sales representatives and management representatives of the
financial intermediary. The Price Advisers compensate financial intermediaries differently
depending upon, among other factors, sales and asset levels, redemption rates and their level,
and/or the type of marketing and educational activities provided by the financial intermediary.
Payments may also cover a variety of administrative services which may: facilitate rollovers
from employer-sponsored retirement plans to individual retirement accounts; contribute to the
costs of providing certain technology and data support services; reimburse certain transaction
expenses, such as ticket charges for purchases or exchanges; and contribute to costs for
ancillary services, such as setting up the TRP Investment Funds on an intermediary’s mutual
fund trading system/platform.
Additionally, revenue sharing payments may cover the Price Advisers’ employees’ participation
in and/or presentation at conferences or seminars, sales or training programs, client and
investor events, co-operative advertising, newsletters, and other events. The Price Advisers
routinely sponsor and compensate financial intermediaries in connection with due diligence
meetings during which attendees receive updates on various TRP Investment Funds and are
afforded the opportunity to speak with investment professionals, including portfolio managers.
To the extent permitted by their firm’s policies and procedures, attendees’ expenses, including
lodging and transportation, may be covered by the Price Advisers.
Even though these additional payments are not paid by a fund directly, the Price Advisers’
revenues or profits may in part be derived from fees earned for services provided to and paid for
by the TRP Investment Funds. The receipt of such payments may provide a financial
intermediary and its salespersons with an incentive to favor sales of shares of the TRP
Investment Funds over sales of other mutual funds or other financial products or provide
preferential or enhanced opportunities to promote the TRP Investment Funds.
Vendor Services. Bank of New York Mellon provides services to the Price Advisers for aspects
of trade support (including collateral management), security reference, security valuation,
corporate actions, fund accounting, portfolio accounting, reconciliation, and financial reporting.
The Price Advisers retain all operational functions that are more discretionary in nature and
involve more decision-making such as those with a client service aspect or that require input or
analysis by our investment personnel. The Price Advisers retain full responsibility for all
services outsourced under this arrangement. In cases where Price Singapore has proxy voting
authority, Institutional Shareholder Services, Inc. (ISS) provides proxy voting analysis,
maintenance, reporting, and recordkeeping services for Price Singapore with respect to certain
accounts.
