Viral Patel, associate director of research for T. Rowe Price International Ltd., says the firm is seeking to hire a resources analyst as the firm looks to start an Australian equities fund.

A financial company analyst will start work at T. Rowe’s Sydney office in September. The resources analyst will also cover metals and mining companies. Five Sydney-based T. Rowe analysts, including Patel, Randal Jenneke and Ryan Martyn, will cover about 120 stocks.

T. Rowe has started an Australian “paper” fund. A paper fund invests no actual money but makes investment decisions in the hope its performance over time will attract money from investors.  T. Rowe will provide “seed money” for an actual portfolio later this year or next, says Patel. The fund, T. Rowe’s first in Australian equities, will have as many as 50 stocks.

T. Rowe Price was founded in 1937. It had $510 billion under management as of March 31.

Murray Brewer, T. Rowe Price’s Australia and New Zealand director, says the firm prefers to hire rather than acquire other businesses to ensure the company’s culture remains strong.

Brewer describes T. Rowe’s culture as “collaborative.”

“We didn’t make cuts during the global financial crises,” says Brewer. “If you’re cutting a business why be in it in the first place?”