T Rowe Price’s chief executive Rob Sharps has warned that it will take a couple of years to reverse the current wave of redemptions that have hit the $1.9 trillion‑asset retirement specialist. The firm reported net outflows of $6.5 bn in the three months to 30 June, a slight moderation but the 21st straight quarter of losses. The bulk of the drain has come from its active equity arm, which saw $13.5 bn exit in Q2 alone, with only 33 % of its equity funds beating the Morningstar median over the past year.

In response, T Rowe Price is looking to target acquisitions in high‑growth niches, launch new active ETFs—including a crypto‑focused vehicle—and deepen a partnership with Goldman Sachs, which has invested up to $1 bn in the firm. The tie‑up aims to broaden access to private‑capital alternatives and potentially unlock new fee‑generating opportunities.

The broader industry is feeling the squeeze of low‑cost passive products, which pull capital from actively managed large‑cap funds. With its share price halved over five years and mutual funds losing market share to ETFs, the firm’s struggle underscores the challenges facing active managers worldwide.