T Rowe Price’s chief investment officer is to step down from active fund management after nearly three decades of overseeing funds, the US group has announced.
Industry veteran Brian C Rogers will formally hand over his equity income funds in October 2015.
The move will see Rogers step down from the US-domiciled T Rowe Price Equity Income fund and the T Rowe Price Institutional Large-Cap Value fund. This is as well as relinquishing his role on the Luxembourg-domiciled TRP Funds SICAV US Large Cap Value Equity fund.
Rogers, who has run the Equity Income fund since its launch in 1981, will remain with the company and retain his role as chief investment officer.
Management of the three funds will fall to John Linehan and Mark Finn, who previously served as co-managers on the Institutional Large-Cap Value Equity fund. Meanwhile, Linehan will become sole lead on the T Rowe Price Equity Income fund.
This move means Linehan will relinquish his role as head of US equity at the Baltimore-based group. His responsibilities for US equity will be taken on by Bill Stromberg, head of equity.
The TRP SICAV – US Large Cap Value Equity fund, which was launched as a Ucits fund in January 2003, returned 44.4% over the three years to the end of April 2014. This compares with a return of 31.6% by the average manager in the Equity - North America sector over the same period.