T. Rowe Price of Baltimore has changed its independent accountant, according to a document filed today with the Securities and Exchange Commission. KPMG will now handle the companys financial statements.
PriceWaterhouseCoopers was formerly the independent accountant for both the investment management company as well as each of its mutual funds. PriceWaterhouse will continue to serve as the accountant for the funds.
"Our independent directors didnt want to have the same accounting firm handling both the corporate side of the firm and the funds so we just separated them," a company spokesman said. The decision to hire separate accountants was recommended by the firms audit committee. The board of directors voted yesterday.
T. Rowe Price has had no disagreements with PriceWaterhouse, according to the filing. "The change is not at all a reflection of either accounting firm," the spokesman said.