T. Rowe Price completes acquisition in India

January 21, 2010

Baltimore money manager T. Rowe Price Group said Wednesday that it finished acquiring a 26 percent stake in India's oldest mutual-fund company, an effort to expand in a large and growing market. T. Rowe spent $142.4 million buying into UTI Asset Management Co. Ltd. Because of a change in exchange rates, that was about $4 million more than what T. Rowe estimated in November that it would pay.

- Jamie Smith Hopkins

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