T. Rowe promotes two managers to new posts

T. Rowe Price has restructured its equity leadership, and is elevating two top portfolio managers into new posts overseeing domestic and international equities. William Stromberg, who has been the head of both global equities and global equity research at T. Rowe, will now have two new managers helping him oversee the Baltimore-based company's equity operations. John Linehan, a vice president who has run the T. Rowe Price Value Fund, has been tapped to co-head U.S. equities, a move that was announced yesterday, confirmed spokesman Brian Lewbart. Chris Alderson, leader of the firm's emerging markets equity team, will take over as the head of non-U.S. equities, replacing David Warren, president of T. Rowe Price International, who is retiring. That transition was announced in September. The changes, Mr. Lewbart added, "reflect the natural evolution of our overall equity organization" and noted that the number of T. Rowe's equity strategies, research professionals and equity clients has increased rather substantially in recent years. At the end of 2008, T. Rowe price managed $276 billion in total assets, with slightly more than half of these assets in equity and blended strategies.