T. Rowe Price has swooped on BMO Global Asset Management and AXA Investment Managers to hire two regional heads of multi-asset solutions.
The firm has hired Lowell Yura to oversee North America and Yoram Lustig for the Europe, Middle East and Africa (EMEA) region.
Both report to Peter Austin, head of multi-asset solutions and member of T. Rowe Price’s asset allocation investment team.
Yura was most recently managing director and head of multi-asset solutions for BMO Global Asset Management and prior to that, was head strategist of the Americas and UK for global investment solutions at UBS Global Asset Management.
Lustig was head of multi-asset investments UK for AXA Investment Managers in London and was previously head of multi-asset funds at Aviva Investors.
‘Growing our multi-asset solutions business is a strategic priority,’ said Sebastian Page, head of asset allocation at T. Rowe Price.
‘Lowell and Yoram are highly experienced professionals who will be great additions to our team as we continue to work with clients globally to provide solutions to diverse investment objectives.’
In June, the firm filed to launch the T. Rowe Price Multi-Strategy Total Return fund with the Securities and Exchange Commission.
Set to star trading in November, it will be run by Richard de los Reyes and Stefan Hubrich, with a management fee of 1%.