(June 4, 2014) – T. Rowe Price’s Chairman and CIO Brian Rogers plans to relinquish portfolio management responsibilities next October, the asset management giant has announced.
He will remain on as CIO and chairman of the Baltimore-based company.
At the end of October 2015, Rogers is expected to hand over management of the firm’s $30 billion Equity Income fund to John Linehan, head of US equity.
Rogers and Linehan also co-manage the $2 billion T. Rowe Price Institutional Large-Cap Value fund. The CIO will step down from this role as well, according to the company.
Linehan, a value-investing specialist, has already succeeded Rogers as manager of a large portfolio. In 2003, he took over the now-$20 billion Value fund, and led its investment until 2009.
The Equity Income fund enters its 30th year in 2015, and Rogers has managed it since inception.
“In reflecting on this milestone he has decided this will be an opportune time to hand over his portfolio management responsibilities,” T. Rowe Price said in its announcement, while explicitly noting that Rogers is not retiring.
Rogers joined the firm in 1982.