US asset management group T. Rowe Price has announced its vice-chairman Edward Bernard is to retire from the company at the end of December 2018, after a 30-year stint with the firm.
The Baltimore-based manager specified that Bernard will stand for re-election to a final one-year term on the T. Rowe Price board of directors at the firm’s upcoming April 2018 annual meeting of shareholders.
In addition, T. Rowe Price has promoted Rob Sharps, co-head of Global Equity and group chief investment officer (CIO), to the role of head of Investments, effective 1 March 2018.
Sharps will oversee all investments activity of the firm and retain his position of group CIO, continuing to report to Bill Stromberg, president and CEO.
Eric Veiel, head of US Equity, will add the role of co-head of Global Equity to his duties, alongside Chris Alderson, currently head of International Equity and co-head of Global Equity.
Sharps joined T. Rowe Price in 1997 as an analyst specialising in financial services stocks, including banks, asset managers, and securities brokers. Then he managed a number of strategies including the US Large-Cap Growth Equity from October 2001 through December 2016. He serves on various committees of the company.
Veiel has been with T. Rowe Price since 12 years, having served as co-director of equity research for North America and co-portfolio manager of the US Structured Research Equity strategy. From 2010 to 2014, Mr. Veiel was the portfolio manager of the Financial Services Equity strategy and financial services aector team leader.
Commenting Bernard’s upcoming retirement, William Stromberg, president and CEO of T. Rowe Price, said: “Ed’s contributions to our success over the last three decades have been significant and instrumental to the growth of the firm and the enhancement of our capabilities, reach, and reputation.”
“Ed also has led our fund boards and their advocacy on behalf of our clients with distinction for more than 10 years. He models our values, collaborative approach, and commitment to making T. Rowe Price a diverse and inclusive place to do great work.”
“Ed remains a highly respected and trusted advocate for our industry and the clients it serves, and is respected by leaders inside and outside of the firm for his thoughtful counsel during times of challenge and success,” Stromberg added.
As for Sharps’ appointment, Stromberg said: “As a 20-year veteran of the firm and former long-time portfolio manager of our US Large-Cap Growth Equity strategy, Rob is an astute investor who has become increasingly immersed in all areas of investments.”
“This expanded role for Rob is well-deserved and recognises his strong leadership over the past year as co-head of Global Equity and group CIO, as well as his many prior years as one of our top investors.”
Established in 1937, T. Rowe Price had $1.05trn (€841m) in assets under management as of 31 January 2018.