T. Rowe Price Group, the investment firm with $1.62 trillion in assets under management, said Chief Executive Bill Stromberg will retire after 35 years at the company, and be succeeded by President Rob Sharps.
Stromberg, who's also chairman of the Baltimore-based firm, will leave his positions on Dec. 31, T. Rowe Price said in a statement Thursday. Sharps will keep his role of president, take over as chair of the management committee and join the company’s board.
“Rob’s appointment as CEO is the culmination of a thoughtful and planned transition and is a testament to the confidence we have in him as a steward of our culture and the right leader to guide T. Rowe Price through its next chapter of growth,” Alan D. Wilson, T. Rowe Price’s lead independent director, said in the statement.
T. Rowe Price also said that Celine Dufetel, the company’s chief operating officer, chief financial officer and treasurer, will leave at the end of the month to assume a leadership position with a fintech company. Jen Dardis, currently head of finance, will become CFO and treasurer and join the management committee. Dufetel’s COO responsibilities will transition on an interim basis to Robert Higginbotham, a member of the management committee. Dufetel will serve in an advisory role with T. Rowe Price until Aug. 31.
A $141M judgment and a federal asset freeze collide over one shrinking pool
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
