T. Rowe Price has a reputation as a place where portfolio managers can spend their entire careers.
But over 12 weeks this year, three fund managers left the Baltimore-based investment company or announced plans to do so. Two left suddenly, with a star manager taking two top analysts along.
That's high turnover for any fund company, but particularly at Price, where the average tenure of a fund manager at the firm is 15 years.
"It's out of character," said Laura Lallos, an analyst with Chicago-based Morningstar Inc., which tracks funds. "It's worth watching, though, just because it is surprising."
Analysts and fund experts say they aren't sure...