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Bernard to retire from T. Rowe Price this year

Edward C. Bernard, vice chairman of T. Rowe Price Group, speaks in 2017. Bernard will retire at the end of the year, the company announced Wednesday. (Maximilian Franz/The Daily Record)

Edward C. Bernard, vice chairman of T. Rowe Price Group, speaks in 2017. Bernard will retire at the end of the year, the company announced Wednesday. (Maximilian Franz/The Daily Record)

Edward C. Bernard, vice chairman of T. Rowe Price Group, will retire at the end of the year, the company announced Wednesday.

Bernard has been with the firm since 1988, when he joined as a marketing manager for advertising and promotion. He was named vice chairman in 2007.

“It’s been a privilege to spend the bulk of my career at a firm that is so principled and effective in helping our clients secure their financial futures,” he said in a statement. “The firm’s capabilities are as strong as ever, and I’m confident that our clients, associates and stockholders will continue to be well served in the years ahead.”

As vice chairman, Bernard was a visible presence for the firm, especially at its annual shareholder meeting, where he answered questions alongside President and CEO William J. Stromberg. At this year’s meeting, Bernard will stand for re-election to a final one-year term on the company’s board of directors.

“Ed’s contributions to our success over the last three decades have been significant an instrumental to the growth of the firm and the enhancement of our capabilities, reach and reputation,” Stromberg said in a statement. “Ed remains a highly respected and trusted advocate for our industry and the clients it serves, and is respected by leaders inside and outside of the firm for his thoughtful counsel during times of challenge and success.”

T. Rowe also announced Wednesday that Rob Sharps, co-head of Global Equity and group chief investment officer had been named head of investments, starting in March.

Sharps joined T. Rowe in 1997 as an analyst and currently serves on the firm’s management committee.

He gained a reputation as one of the company’s best investors during his 15-year run as lead portfolio manager for U.S. Large-Cap Growth Equity Strategy. During that time, the firm was named Large-Cap Growth Equity Manager of the Year by Institutional Investor magazine.

“As a 20-year veteran of the firm and former longtime portfolio manager of our U.S. Large-Cap Growth Equity Strategy, Rob is an astute investor who has become increasingly immersed in all areas of Investments,” Stromberg said in a statement. “This expanded role for Rob is well-deserved and recognizes his strong leadership over the past year as co-head of Global Equity and group CIO, as well as his many prior years as one of our top investors.”

 


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