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Incoming T. Rowe CEO: We have to grow outside U.S. (access required)

William J. Stromberg says he wants T. Rowe Price Group to continue "doing the basics" well while increasing the asset manager's emphasis on growing business outside of the United States. Stromberg, who has worked at the firm for 28 years, will succeed James A.C. Kennedy as president and CEO starting Jan. 1, 2016, T. Rowe announced Wednesday. In an interview Wednesday, Stromberg said T. Rowe will work to maintain its "continued outstanding investment results" as well as expand its efforts in three areas. First, the firm will put an increasing focus on growing business outside of the U.S., both by continuing to invest in international funds and by raising money from more clients outside of the country, Stromberg said. Next, he said he wants to continue efforts begun by Kennedy to make T. Rowe a more diverse and inclusive workplace. Finally, T. Rowe will work to preserve what Stromberg called the "culture of collaboration and teamwork that pervades the entire organization" and which makes it unique in the business. Part of this is embodied by the firm's management committee, Stromberg said.