T. Rowe Price lost another one of its fund managers, the third this year.
Friday was the last day for Joseph M. Milano, 40, who has been the manager of Price's New America Growth Fund since 2002, said spokesman Brian Lewbart. Milano, who joined the Baltimore-based money manager in 1996 as an associate analyst, only recently informed Price of his plans to leave.
"He let us know he was leaving the firm to pursue other investment management opportunities, most likely on his own," Lewbart said.
The New America Growth Fund, with $3.97 billion in assets, is up 11.64 percent so far this year.
Daniel Martino, manager of Price's Media & Telecommunications Fund, will take over the management of New America Growth on Monday, while co-managing the telecommunications fund with analyst Paul Greene, Lewbart said. Greene will take over as lead portfolio manager of the telecommunications fund on Oct. 1.
The average tenure of a Price manager is 15 years, but the company has seen more turnover than usual.
Top fund manager Kris H. Jenner, who had managed the Health Sciences Fund, suddenly resigned in February, taking with him two analysts. Jenner is expected to launch a hedge fund in Baltimore that follows the same investment strategy as his former fund.
Early this month, Timothy E. Parker, manager of the New Era Fund, announced he would leave by the end of September. Parker said earlier this month that he had no firm plans yet.