T. Rowe Price has acquired the assets of the PNC Stable Value Fund from PNC Bank.
The assets, which total $1.2 billion, are now being managed in the T. Rowe Price Stable Value Common Trust Fund. Terms of this transaction, which was finalized on September 25, are not being disclosed.
As of September 30, T. Rowe Price manages more than $30 billion in stable value assets. The stable value portfolio management team is comprised of Antonio Luna, head of the team; Robert Madore; and Benjamin Gugliotta. The team has combined investment experience of 79 years, including 59 with T. Rowe Price.
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