Timothy E. Parker, manager of T. Rowe Price's New Era Fund who had announced earlier this year he would be leaving, has decided to remain with the Baltimore-based money manager, the company said.
As previously announced, Parker still will step down as manager of the $4.3 billion fund by the end of September and be replaced by Shawn T. Driscoll. In Parker's new role, he will focus on small-cap and mid-cap natural resources investments and work with other portfolio managers, the company said.
Parker, 39, had managed the New Era Fund for about three years. He said he had decided to leave because of the overwhelming demands of the job. "Life is too short," he said.
Parker said he credits Price for carving out a position for him where he can still work with Driscoll and the national resources team as well as with other portfolio managers.