Press release
T. Rowe Price Announces Multi-Phase Leadership Transition In Target Date Franchise
BALTIMORE, Sept. 24, 2019 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today announced transitions in its Multi-Asset division that manages one
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"BALTIMORE, Sept. 24, 2019 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today announced transitions in its Multi-Asset division that manages one of the country's leading target date franchises.\nJerome Clark, CFA, who co-manages T. Rowe Price's multi-asset target date strategies, will step away from day-to-day portfolio management effective January 2021. Following this 15-month transition period, Mr. Clark will remain with the firm and focus on strategic initiatives for the Multi-Asset division and target date franchise. He will continue as a member of the firm's Multi-Asset Steering Committee and will remain on the Asset Allocation Committee through January 1, 2021. Mr. Clark has spent his entire investment career at T. Rowe Price and was the first portfolio manager of T. Rowe Price's target date funds when the firm's Retirement Funds launched in 2002. He joined T. Rowe Price in 1992 as a quantitative analyst in the Fixed Income division and later served as portfolio manager of the U.S. Treasury Long-Term Bond Strategy from 1998 through 2003. \nWyatt Lee, CFA, co-portfolio manager of the firm's multi-asset target date strategies with Mr. Clark, will become head of Target Date Strategies, a new role with oversight of the full target date team, effective October 2019. Mr. Lee has made significant contributions to the franchise over the past 14 years, working alongside Mr. Clark. He has worked as a target date portfolio manager since 2013 and specifically as co-portfolio manager of the Retirement Funds since 2015. He also serves on the firm's Multi-Asset Steering Committee and its Asset Allocation Committee. Mr. Lee has 22 years of investment experience, 20 of which have been with T. Rowe Price.\nKim DeDominicis will be promoted to portfolio manager of the target date portfolios, reporting to Mr. Lee, effective October 2019. She has been an associate portfolio manager of the target date portfolios since 2015 and a member of the Multi-Asset Division since 2007. Ms. DeDominicis has 20 years of investment experience and 19 years with T. Rowe Price. She will also continue as lead manager of T. Rowe Price's College Savings Plan investment portfolios.\nAndrew Jacobs van Merlen, CFA, will join the target date team as a portfolio manager, also reporting to Mr. Lee, effective January 2020. Mr. Jacobs van Merlen is currently a...