Investment manager T. Rowe Price Group along with its alternative credit subsidiary Oak Hill Advisors announced a strategic partnership with life insurance and annuity firm Aspida Holdings on Feb. 3.
As part of the partnership, T. Rowe Price and Oak Hill expect to manage some of Aspida’s public and private assets, and will work on product development, according to a news release.
A spokesperson for T. Rowe Price told Pensions & Investments in an email that the partnership “will be implemented in a variety of commercial arrangements over time.”
The terms of the deal were not disclosed and there was no additional comment on what kind of product development is being examined, the spokesperson said.
T. Rowe Price had previously taken a minority interest in Aspida and is an existing equity investor.
“We are excited about the potential of this strategic partnership with Aspida and its implications for our broader growth in insurance,” said Rob Sharps, CEO and president of T. Rowe Price, in the news release. “The partnership highlights our continued commitment to the expansion of our insurance business and to delivering innovative investment opportunities for our clients with our customary high-touch service.”
Aspida is supported by Ares Management’s Ares Insurance Solutions business “as its dedicated investment management, capital solutions and corporate development partner,” according to the release.
Aspida had $19 billion in total assets as of Sept. 30.
T. Rowe Price acquired Oak Hill in 2021. Oak Hill managed about $71 billion across credit strategies as of Sept. 30.
T. Rowe Price had $1.6 trillion in assets under management as of Dec. 31 and has worked with insurance companies since 1985.
