A 23-year T. Rowe Price [profile] veteran is preparing to pass the reins to a $13.1-billion-AUM pair of mutual funds at the beginning of next year.

Today, the T. Rowe team revealed (via an SEC filing) that, effective January 1, 2024, vice president Frank Alonso will step down as portolio manager of the $8.7-billion-AUM T. Rowe Price Small-Cap Stock Fund and the $4.4-billion-AUM T. Rowe Price Institutional Small-Cap Stock Fund. In the meantime, associate PM Alex Roik is slated to join Alonso on July 1 as the co-PM to both funds. Then Roik will take over as the funds' sole PM at the beginning of 2024.

According to the filing, Alonso will be taking on "a new role."

Alonso has been the sole PM on both funds since October 2016. He first joined T. Rowe in 2000 after working with FAs at Morgan Stanley. He is an alumnus of Miami University of Ohio.

Roik joined T. Rowe in 2013 as an analyst, then rose to associate PM in 2021. He is an alumnus of the University of Notre Dame's Mendoza College of Business. 

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