It's happened with retail bank services, and now it's happening with investor centers too.

Reuters Ross Kerber reported that T. Rowe Price [profile] closed nine of 15 investor centers at the end of May. The move shows just how much the retail investor experience has changed for T. Rowe.

Now that so many investors are willing to make investment decisions over the phone and online, keeping the centers open doesn't make sense for the behemoth, a sentiment James Kennedy, the asset manager's chief executive, echoed to Kerber in an interview.

Something else happened recently that has been labeled "out of character" for T. Rowe: Three P.M.s have left or are leaving, which MFWire covered in May. Joe Milano left in May, Kris Jenner left in April, causing The Wall Street Journal to voice concern and Tim Parker will leave at the end of September. Jenner's departure in particular was consider sudden. because PMs usually give months notice before a manager leaves.

To read more, click here.  

Edited by: Casey Quinlan


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