Advisors are now able to purchase T. Rowe Price Advisor Class shares for clients at no transaction fee (NTF) on the Schwab Mutual Fund OneSource platform for institutional investors, T. Rowe Price announced Friday.
The move brings T. Rowe Price funds to all major NTF platforms, according to a news release from the Baltimore-based investment management firm.
The agreement with Schwab, which was nearly 20 years in the making, reflects T. Rowe Price’s efforts to expand access to funds for advisors, said Scott David, director of Third Party Distribution at T. Rowe Price.
“We have been offering advisors no-load mutual funds for decades, and Schwab has been a great partner over the years to help us expand access to our funds, now without transaction fees,” David said in a statement.
Founded in 1937, T. Rowe Price has $453.5 billion in assets under management as of Sept. 30. The company provides mutual funds, subadvisory services and separate account management for individual and institutional investors, retirement plans and financial intermediaries.