Edward C. Bernard, T. Rowe Price Group’s vice chairman, will retire at the end of the year, the Baltimore-based money management firm announced Wednesday.
The company also announced that Rob Sharps will become head of investments on March 1. Sharps is currently co-head of global equity and group chief investment officer, a role he will retain.
Sharps, who joined T. Rowe as an analyst in 1997, was the lead portfolio manager for the U.S. large-cap growth equity strategy for much of his time at the firm.
Bernard, who has been with T. Rowe for 30 years, will stand for re-election to the firm’s board of directors for a final one-year term at the annual stockholders meeting in April.
“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,” said William J. Stromberg, T. Rowe’s president and CEO, in a statement.
Bernard joined the firm as a marketing manager, advertising and promotion, in the individual investors business in 1988 and became a vice president a year later. In 1999, he became a director and joined the management committee in 2000. In 2006, Bernard took charge of the firm’s distribution, marketing, client service, technology and communications activities. He was named vice chairman in 2007.
Among his duties since 2006, Bernard has served as chairman of all sponsored T. Rowe mutual funds in the United States, representing more than 60 percent of the firm’s assets under management, which topped $1 trillion for the first time at the end of January.
“It’s been a privilege to spend the bulk of my career at a firm that is so principled and effective in helping our clients secure their financial futures,” Bernard said in a statement.
With the appointment of Sharps, Eric Veiel, T. Rowe’s head of U.S. equity, will assume the additional responsibility of co-head of global equity, working with Chris Alderson, currently head of international equity and co-head of global equity.