Vanguard and T. Rowe Price: A long-term fit

In the first of a three-part series, T. Rowe Price’s Eric Veiel, CFA, president, co-head of Global Investments, and chief investment officer; Jay Nogueira, CFA, head of Global Equity Research; and David Corris, CFA, portfolio manager of Integrated Equity, discuss their firm’s investment philosophy and research-driven investment approach as well as their firm’s new advisory relationship with Vanguard.

What makes Vanguard and T. Rowe Price such a good fit, particularly given the firms’ shared long-term investment philosophies?

Veiel: At its core, this decision reflects alignment in how T. Rowe Price and Vanguard think about investing. Both firms take a long-term, disciplined approach to investing—one that prioritizes long-term investor outcomes over short-term market noise.

What strengths does T. Rowe Price bring to Vanguard investors?

Veiel: T. Rowe Price brings a set of capabilities that we believe are highly complementary to Vanguard, including the depth and scale of our global research platform and a focus on our clients and their goals. 

For investors less familiar with T. Rowe Price, how would you describe the firm’s active equity platform, investment philosophy, and research-driven approach?

Nogueira: For nearly 90 years, we believe our investment edge has come from combining deep, independent research and intellectual curiosity with a culture designed to turn individual insight into firmwide knowledge.

Our analysts and portfolio managers bring specialized industry expertise, a global perspective, and intellectual curiosity to a collaborative platform designed to share insights across sectors and regions. Together, these investment professionals connect a global “mosaic” of information—across competitive position, earnings power, capital allocation, management quality, and industry structure—to identify long-term investment opportunities. The continuity of our investment teams further strengthens that process, helping long-tenured professionals build institutional knowledge of companies and industries.

We believe a long-term approach creates the most value and is aligned with our competitive advantage of capitalizing on investment insights.

How do T. Rowe Price’s analysts and portfolio managers work together across the active equity platform?

Corris: The platform is designed to combine specialization with collaboration and leverage the decades of investment experience of our collective investment team.

Analysts are sector and industry specialists who develop differentiated views of companies through financial analysis, company management meetings, supply-chain work, and industry research. By following companies throughout their corporate lifecycle, analysts gain a more comprehensive view of industry dynamics.

While analysts contribute deep industry expertise and insights, portfolio managers bring a breadth of experience across sectors and regions; together, they challenge and refine views, leading to better decisions. It is a dynamic “real-time marketplace of ideas” shared by talented and dedicated investment professionals committed to working seamlessly together to fulfill our fiduciary duty. 

As you begin managing assets on behalf of Vanguard investors, what would you most want them to know about your approach?

Veiel: Since our founding in 1937, we’ve operated with the belief that successful investing begins with the client and requires patience, independent judgment, rigorous research, and a long-term view. That philosophy continues to guide T. Rowe Price today, shaping how we look beyond short-term market movements to invest in companies we believe can create lasting value.

What are you most excited to deliver for Vanguard investors?

Veiel: I am most excited about what this advisory relationship enables us to do together. Our relationship with Vanguard brings together two firms with competitive track records and a shared commitment to excellence. We have an opportunity to create something that is truly greater than the sum of its parts.

Ultimately, this is about helping investors build confidence in their financial future. And that’s something both of our firms have been committed to for generations.