The guard continues to change.

Whether it's another senior fund firm exec taking off one hat and keeping another, or more portfolio manager changes at T. Rowe Price, another one is coming your way.

Bloombergand a heap of other industry publications reported that Brian Rogers, chairman and chief investment officer at T. Rowe Price, is quitting managing the firm's second largest fund, the T. Rowe Price Equity Income Fund (PRFDX), while retaining his other posts.

Rogers, who had been with the firm since 1982 and has managed the now $30 billion fund for about thirty years using a value strategy, has had a tough time beating his peers in the recent market upswing.

He has previously shared his views on the tough environment for value stock pickers during the equity bull market and articles covering his move hint that this may have been behind his decision to cede portfolio management duties.

John Linehan, head of U.S. equity for T. Rowe and a PM on some of the firm's institutional funds, will take over portfolio management duties for this fund. It performed in the top third over the past 15 years, according to Morningstar.

The firm has recently and unexpectedly lost three high profile portfolio managers, but in this case advisors and investors can't complain that they didn't get a heads up, as the announcement was issued over a year before Rogers will actually step down from the fund: in October, 2015. 

Edited by: Anastasia Donde


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