T. Rowe Price said on Thursday that Brian Rogers
will take over as chief investment officer of the firm by the start of 2004. Rogers takes the reins from M. David Testa, who is set to retire in April 2004. Testa, who is also a board member of the firm's mutual funds, will give up his board seat in April and Rogers will be recommended to fill it.
George A. Roche
, chairman and president, will then take over the 59-year-old Testa's management responsibility for the firm's investment divisions in April.
Rogers is 48-years-old and has been at the fund firm since 1982. In 1985 he took over the reigns of the then-newly created T. Rowe Price Equity Income Fund and has run it ever since along with other institutional equity portfolios. He will retain his portfolio management responsibilities even after the promotion and continue as a member of the firm's management committee and Board of Directors.
"David has had a highly successful investment career spanning more than 30 years with T. Rowe Price and we respect his desire to bring his career to a close and explore other life interests," Roche said in a statement. "He has been planning his departure for some time and is retiring at a time when the firm is in a strong position financially and competitively. T. Rowe Price-managed investment portfolios have generally enjoyed strong relative performance in recent years."
Testa played a key role in 1979 in the creation of the joint venture that eventually became T. Rowe Price International
. He also served for a decade as portfolio manager of the T. Rowe Price Growth Stock Fund, and later served as director of the firm's Equity Division.
As CIO, Rogers will be expected to provide intellectual leadership, philosophical direction, and a long-term perspective to the investment management process, while also adding an investment perspective to the firm's corporate decision-making. He will also participate as a member of the firm's three investment steering committees, which help ensure that portfolios are managed in a manner consistent with their charters and the firm's investment disciplines and philosophy. Rogers is already a member of the U.S. Equity and Global Fixed Income steering committees and will join the T. Rowe Price International Steering Committee.
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