The longtime PM of the T. Rowe Price
] Small-Cap Value
strategy plans to step down in 2014. Morningstar reports
that the Baltimore-based money-management firm has filed a notice with the SEC
stating that J. David Wagner
will replace Preston Athey
as the strategy's portfolio manager on July 30, 2014.
The Small-Cap Value fund currently holds $7.2 billion and was awarded four stars
A T. Rowe Price spokesman told MFWire
that Athey is not planning to retire from the firm, but will transition to a mentoring role. T. Rowe's funds are all run by single PMs who are advised by investment advisory committees, and the spokesman said that Wagner, Athey's eventual replacement, is already a member of the Small-Cap Fund's investment-advisory committee.
The Morningstar story provides more details on Athey's twenty-year run at the helm of the small-cap strategy. The fund gained 12 percent a year under Athey, outdoing the Russell 2000 Index, and also lost less in down markets and was less volatile.
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