T. Rowe Price hires ex-Fidelity exec in ‘puzzling’ move
T. Rowe Price Group Inc. has tapped Scott David, a former Fidelity Investments executive, to head third-party distribution, filling the position after 17 months
T. Rowe Price Group Inc. has tapped Scott David, a former Fidelity Investments executive, to head third-party distribution, filling the position after 17 months.
Mr. David, who was president of workplace investing at Fidelity until last year, will report to Edward Bernard, vice chairman of the firm, said T. Rowe Price spokeswoman Heather McDonold. Mr. David replaces John Cammack, who retired in September 2009, she said.
Ms. McDonold said Mr. David will start May 2.
He had been with Fidelity for seven years. In his most recent role, he was responsible for all aspects of its retirement business.
Before joining Fidelity in 2003, Mr. David was president of U.S. retirement services at Scudder Investments, now part of Deutsche Bank AG’s DWS Investments.
He couldn’t be reached for comment.
The fact that T. Rowe went outside to fill this position is “puzzling,” said Geoff Bobroff, a mutual fund consultant.
“T. Rowe is known for promoting from within,” he said, adding that the firm already has a “very strong unit devoted to retirement plans.”
E-mail Jessica Toonkel at [email protected].
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