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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Thursday, September 20, 2012 Bernard Consolidates T. Rowe's Distribution Under One Man T. Rowe Price [profile] is accelerating the next steps in a planned re-alignment of its distribution activities. To that end, the firm says it has formed U.S. Investment Services as a new division headed by Scott David, reporting to Edward Bernard, vice chairman of T. Rowe Price Group. U.S. Investment Services will include the existing retirement plan services, U.S. third party distribution, and retail direct channels. In this role, David will provide senior leadership for RPS, and reporting to him will be Kevin Collins and Aimee DeCamillo, who will expand their leadership responsibilities to co-lead the RPS channel. “Scott is well suited to these added duties, having held a variety of senior positions in retirement services prior to joining T. Rowe Price,” stated Bernard. “As we maintain our diversified distribution strategy, Scott’s client-focused orientation, managerial skills, and strategic vision will continue to be great assets to our clients and the firm.” The move follows the announcement by T. Rowe Price retirement plan services head Cynthia Egan to retire on December 31. Company Press Release CYNTHIA EGAN, HEAD OF T. ROWE PRICE’S RETIREMENT PLAN SERVICES BUSINESS, TO RETIRE AFTER SUCCESSFUL 30-YEAR CAREERFirm to Align Distribution Activities Serving U.S. Individual Investors Under New Division Led by Scott DavidBALTIMORE (September 20, 2012) – After a successful 30-year career in financial services and the defined contribution industry, the last five at T. Rowe Price where she has been head of retirement plan services (RPS), Cynthia Egan has announced her decision to retire on December 31, 2012. “Cynthia has made valuable contributions to our clients, the firm, and the industry, and leaves behind a strong team that will keep us positioned for future success in the retirement business,” said Edward C. Bernard, vice chairman of T. Rowe Price Group. “Under her leadership, T. Rowe Price has seen significant growth in the number of retirement plans and participants it serves and has continued to deliver high client satisfaction and loyalty. She has also been a vocal advocate for strengthening the defined contribution plan as a pillar of the U.S. retirement system, and for emphasizing retirement income as a key measure of participant success.” With Ms. Egan’s retirement, the firm will accelerate the next steps in a planned alignment of distribution activities serving the needs of U.S. individual investors. To that end, the firm has formed U.S. Investment Services as a new division headed by Scott David, reporting to Mr. Bernard. U.S. Investment Services will include the existing retirement plan services, U.S. third party distribution, and retail direct channels. In this role, Mr. David will provide senior leadership for RPS, and reporting to him will be Kevin Collins and Aimee DeCamillo, who will expand their leadership responsibilities to co-lead the RPS channel. “Scott is well suited to these added duties, having held a variety of senior positions in retirement services prior to joining T. Rowe Price,” said Mr. Bernard. “As we maintain our diversified distribution strategy, Scott’s client-focused orientation, managerial skills, and strategic vision will continue to be great assets to our clients and the firm.” Before joining T. Rowe Price in 2011, Mr. David served Fidelity Investments in several senior leadership roles, most recently as president of Fidelity Institutional Retirement Services. Prior to his seven-year tenure at Fidelity, he was president of U.S. Retirement Services for Deutsche Asset Management/Scudder Investments. Mr. Collins, who will oversee sales and client service, joined T. Rowe Price in 1994. Prior to his current role as head of RPS sales he was head of client services for RPS and general manager for the firm’s global institutional services division. Ms. DeCamillo, who heads RPS product and marketing, has 15 years experience in the retirement industry. Prior to joining T. Rowe Price in 2010 she was head of personal retirement solutions for Merrill Lynch Wealth Management. “The formation of U.S. Investment Services helps us take advantage of evolving opportunities across client segments serving individuals,” said Mr. David. “With this new structure, we will be able to serve the distinct needs of each channel while also leveraging the capabilities that are relevant across these segments, ultimately better serving our clients. I look forward to working with the leadership teams of each group as we continue to position the firm for future growth and success.” Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (www.troweprice.com) is a global investment management organization with $541.7 billion in assets under management as of June 30, 2012. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price’s disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. Printed from: MFWire.com/story.asp?s=41332 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |