T. Rowe Price will have a new head of global investments from Jan. 1, as Eric Veiel takes up the role previously held by president and CEO Rob Sharps.
Veiel is currently the firm’s head of global equity and a chief investment officer, having previously held roles including co-director of equity research for North America, co-portfolio manager of the U.S. structured research equity strategy, portfolio manager of the financial services equity strategy, and financial services sector team leader.
Arif Husain, head of fixed income from Jan. 1, Sébastien Page, head of global multi-asset, Josh Nelson, head of U.S. equity, and Justin Thomson, head of international equity, will all report to Veiel.
Although it is managed separately from the firm’s other investment advisers, T. Rowe Price Investment Management’s head, Steph Jackson, will also report to the new head of global investments.
"Eric is an innovative thinker, with 18 years of steadfast commitment to investment excellence, and has sustained our performance-driven culture,” Rob Sharps said in a statement. “Additionally, Eric is well respected for his focus on diversity, equity, and inclusion and for the global perspective he brings both to Investments and to decisions regarding the strategic direction of the firm."
Sharps said that the appointment will enable him to focus on his priorities as CEO, the role he began in 2022, succeeding Bill Stromberg, who retired after 35 years with the firm.
"Reestablishing the head of Global Investments role will allow me to dedicate more time to the firm's corporate strategy, our business units, and external relationships,” he said. “We are confident that this new management structure positions us to continue to focus on producing superior long term investment results for our clients while also sharpening our attention on operating effectively and executing on the firm's corporate strategy."
The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.
IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.
Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.
A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.
As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
