T. Rowe Price chairman to give up portfolio management role
By By Natalie Sherman
Jun 03, 2014 | 12:03 PM
The chief investment officer and chairman of T. Rowe Price will step down next year as portfolio manager of one of the company's biggest investment funds.
Brian C. Rogers, who has managed the Equity Income Fund since its start in 1985, will remain with T. Rowe in his capacity as CIO and chairman of the board of directors, the firm said in a news release. He is also stepping down as co-portfolio manager of the Institutional Large-Cap Value Fund.
"While he is not retiring, in reflecting on this milestone he has decided this will be an opportune time to hand over his portfolio management responsibilities," the company said in a press release.
Equity Income, which had more than $30 billion in net assets at the end of April and invests in stocks of some of the biggest U.S companies, has averaged 11.3 percent returns since its inception, and 21.26 percent returns over the last five years.
John D. Linehan, co-portfolio manager of the Institutional Large-Cap Value Fund and currently head of U.S. Equity, will take charge of the Equity Income Fund November 1, 2015. Bill Stromberg, head of Equity, will become head of U.S. Equity, effective immediately.