Three senior fixed income managers are to retire from T. Rowe Price, prompting personnel changes on six funds with combined assets of $42.2 billion.
Among the managers set to call time on their careers at the Baltimore, Maryland-based shop is Citywire AA-rated Steve Huber, who will leave at the end of the year.
Huber is the sole manager of the $567.3 million T. Rowe Price Global Multi-Sector Bond and $21.2 million T. Rowe Price Institutional Global Multi-Sector Bond funds.
From the end of January he will be joined on the funds by Kenneth Orchard, who will become the sole manager of both funds on December 31
The T. Rowe Price Global Multi-Sector Bond fund is ranked fifth out of 43 Global Income funds tracked by Citywire for three-year total returns to the end of November 2017. Over that time it is up 11.3% compared to the average Global Income fund's 6.6%.
The smaller institutional version has slightly better performance and is ranked third out of 43 Global Income funds, returning 13.3% over that time.
Huber joined T. Rowe Price in 2006 from the Maryland State Retirement and Pension System, where he was chief investment officer.
Prior to that he had a 15-year career as director of fixed income, director of asset allocation and portfolio manager with Aeltus Investment Management.
Orchard has been with the firm since 2010 and is currently a manager on the $4.1 billion T. Rowe Price International bond fund and the $404.8 million T. Rowe Price Institutional International Bond fund.
Another veteran bond manager, Citywire + rated Daniel Shackelford, will retire March 31, 2019 and as result will step down a from his role as sole manager of the $32.8 billion T. Rowe Price New Income fund and a manager of T. Rowe's sleeve of the $7.8 billion Bridge Builder Core Plus Bond fund.
Stephen Bartolini will be appointed to the T. Rowe Price New Income fund as co-manager on January 31 and will take sole responsibility of the fund on December 31 2018.
Shackelford joined the firm in 1999 from the Investment Counselors of Maryland where he was principal and head of fixed income.
Bartolini has been with the firm since 2010 and is currently sole manager of the $8.5 billion T. Rowe Price Limited Duration Inflation Focus Bond fund and the $475.2 million T. Rowe Price Inflation Protected Bond fund.
A third member of the firm’s fixed income team, Citywire + rated David Tiberii, will retire during the third quarter of 2018 and will no longer be sole manager of the $987.8 million T. Rowe Price Corporate Income fund and the $40.3 million T. Rowe Price Institutional Long Duration Credit fund.
Tiberii will be joined on the T. Rowe Price Corporate Income fund by Steven Boothe and Lauren Wagandt on January 31 until June 30, at which point Boothe and Wagandt will take over full management responsibilities.
Rob Larkins will join Tiberii on the T. Rowe Price Institutional Long Duration Credit fund on January 31 until June 30, when Larkins will take over full responsibility.
Tiberii joined the firm in 2003 from GE Asset Management where he was a portfolio manager on its investment-grade corporate bond insurance portfolio.
Boothe and Wagandt have been with the firm since 1999 and 2009, respectively. Boothe is a manager on the T. Rowe Price Global Investment Grade Corporate Bond strategy which is available to European investors and Wagandt is currently a credit analyst.
Larkins joined the firm in 2003 and is sole manager of the $707.7 million T. Rowe Price US Bond Enhanced Index fund.
‘We are fortunate to have a deep pool of well-qualified investment professionals as well as an established succession planning regime,’ a T. Rowe Price spokesman said.