T. Rowe Price (TROW) says Chairman and Chief Investment Officer Brian Rogers will retire on March 31, after nearly 35 years at the firm. While he will stay on as a non-executive chair, his role as CIO will be taken on by six senior investment executives.
"The appointments of our new CIOs reflect the deep investment talent the firm has across geographies, asset classes, and investment disciplines …," explained President & CEO William J. Stromberg, in a statement. "Sustaining excellent investment performance remains our highest priority and we are confident that this structure will enable them to continue thriving in these roles."
The six senior investment leaders set to take on roles as co-CIOs are Rob Sharps, group CIO; Henry Ellenbogen, CIO-U.S. Equity Growth; David Giroux, CIO, U.S. Equity Multi-Discipline; John Linehan, CIO, U.S. Equity Value; Justin Thomson, CIO, International Equity; and Mark Vaselkiv, CIO, Fixed Income.
Sharps, who joined T. Rowe in 1997, is stepping down from his role as portfolio manager of the U.S. Large-Cap Growth Equity Strategy as of Dec. 31. On Jan. 1, he will become co-head of Global Equity, partnering with Chris Alderson, head of International Equity, and will join the firm's Management Committee.
T. Rowe Price Group has nearly $813 billion in assets under management. Last week, the company said its third-quarter net revenues grew 4% from last year to $1.1 billion, while net income of $327.8 million, or $1.28, improved 18%.
