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Wednesday, February 14, 2018

What Will Ed Bernard's Retirement Mean For T. Rowe?

Reported by Neil Anderson, Managing Editor

With a 30-year veteran preparing to retire, Bill Stromberg is making several key changes at the top of T. Rowe Price [profile].

Today Stromberg, the 57-year-old president and CEO of Baltimore-based T. Rowe, confirms that on December 31, 2018, vice chairman Ed Bernard, age 62, will retire from the company. Meanwhile, on March 1, Stromberg is promoting global equity co-head Rob Sharps, age 46, to the newly created position of head of investments.

Since 2006 Bernard has been responsible for all of the publicly traded asset manager’s client service, communication, distribution, marketing, and technology activities.

“Those groups will begin reporting to Bill [Stromberg]” on January 1, 2019, T. Rowe spokesman Brian Lewbart confirms.

“Ed’s contributions to our success over the last three decades have been significant and instrumental to the growth of the firm and the enhancement of our capabilities, reach, and reputation,” Stromberg states, praising Bernard as “a highly respected and trusted advocate for our industry and the clients it serves.”

On the investments side, since chief investment officer Brian Rogers retired in March 2017, Stromberg himself has effectively been serving as head of investments, too, so now he’s passing those reins to Sharps. (Stromberg, a 31-year T. Rowe veteran from the investing side of the business, served as head of global equity and global equity research before taking over as CEO on January 1, 2016.) Eric Veiel, the 46-year-old head of U.S. equity, will succeed Sharps as co-head of global equity alongside Chris Alderson, the 55-year-old head of international equity.

Edward C. Bernard, an alumnus of both Brown and NYU, joined T. Rowe in 1988 as a marketing manager. In addition to being vice chair of T. Rowe Price overall, he also has chaired the board for T. Rowe’s mutual funds in the U.S. since 2006. He chairs T. Rowe Price Investment Services and T. Rowe Price International, T. Rowe’s arm in the United Kingdom. From 2009 to 2011, he chaired the board of governors of the Investment Company Institute (ICI). 

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