It is the end of a chapter for one of the nation's best well-known technology funds. Chip Morris, portfolio manager of the T. Rowe Price Global Technology Fund and one of the most widely quoted tech managers, is stepping down to join a boutique management firm.

For T. Rowe the resignation creates a marketing challenge for the fund firm. Unlike many portfolio managers at many other tech funds, Morris had more than ten years of experience at the helm of the fund and was a media favorite. However, assets in the fund had dwindled to less than $4 billion recently from a high of $12.2 billion in assets in 1999.

Despite his high profile, Morris had been experiencing a rocky ride through the Nasdaq meltdown. Science & Technology lost 34 percent in 2000 and another 41 percent in 2001. That poor showing had dropped the fund to the bottom quartile of Morningstar's tech fund category for the past decade.

Morris' departure highlights the challenges to fund marketers that are created when the identity of a product overlaps with the fund manager. While Morris' performance dropped off, the fund had a hard time attracting new assets. Still, his departure, though possibly welcome by some, may open an opportunity for a tech manager with a stronger recent investment track record at an established form to grab T. Rowe's place in the media spotlight.

The fund firm said he will be replaced by a seven-person team headed by Michael Sola, manager of the T. Rowe Price Media & Telecommunications Fund.

The notice that the fund will be team managed reflects a trend by many fund firms to divorce the product identity from that of the investment manager. The thinking is that funds run by one recognizable individual are at risk when that individual departs. However, that often leaves funds with nothing to market but investment performance, something that can be even more mercurial than individual portfolio managers.

Morris is heading west to team with two former T. Rowe Price colleagues -- Roger McNamee and John Powell -- at San Francisco-based Integral Capital Partners. McNamee had managed the Media & Telecommunications Fund prior to Morris.  

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