Asset management firm T. Rowe Price Group Inc has called its investment in WeWor...
FILE PHOTO: The logo of T. Rowe Price Group is pictured at its office in Tokyo, Japan, January 13, 2017. REUTERS/Toru Hanai/File Photo
In a rare public comment on its experience with a specific investment, the U.S. fund management group said in a Feb. 12 filing that it had invested in the startup in 2014 on the premise that WeWork’s management would focus on developing a more sustainable business strategy and slow its pace of growth.
"They took our advice for a few months, but new investors soon arrived who convinced management to put its foot back on the accelerator," T. Rowe, which manages more than $1.2 trillion in assets, said in the reportWeWork was not immediately available to comment out of regular U.S. business hours early on Friday.
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