US asset manager T. Rowe Price has announced that its head of Fixed Income Ted Wiese will step down from this role at the end of the year and retire from the company on 1 May 2019, following a 35-year stint with the company.
Andrew McCormick, head of the US Taxable Bond team, will succeed Wiese as head of Fixed Income on 1 January 2019. McCormick is also currently portfolio manager of the US GNMA bond strategy, and co-portfolio manager of the total return bond strategy.
McCormick will furthermore join T. Rowe Price’s management committee, chairing the fixed income steering committee and reporting to Robert Sharps, head of Investments.
Christopher Brown will be promoted from co-portfolio manager to portfolio manager of the total return bond strategy, effective 1 January 2019. Moreover, Keir Joyce, currently an associate portfolio manager of the US GNMA bond strategy, will become the portfolio manager of the strategy.
William Stromberg, president and CEO of T. Rowe Price, said: “We are grateful for Ted’s leadership of the Fixed Income Division as we’ve continued to build out our global fixed income capabilities. His collaborative style, and the integral role he played in a variety of US and international investment-grade bond and money market funds, has served our clients well.”
Wiese commented: “It has been a privilege to spend my entire career at T. Rowe Price. The firm’s fixed income capabilities are as strong as ever, and I’m confident that they will continue to meet the needs of our clients in the years ahead.”
Baltimore-based T. Rowe Price had $1.01trn (€843.5bn) in assets under management as of 31 March 2018.