US - James S Riepe (pictured), vice chairman of Baltimore's T. Rowe Price Group, is to retire at the end of this year as part of a planned management transition which will transfer his responsibilities to Edward C Bernard.
Riepe, has led the firm’s marketing, investor service, and technology activities since 1981, a period which saw the firm’s assets under management grow from $13bn to a record $245bn as of 30 June, 2005.
“Although I intend to remain active in business, after 24 years I believe it is time to pass the baton,” quipped Riepe.
Bernard, who has worked directly with Riepe since joining the firm in 1988 and currently oversees its distribution activities for individual investors and financial intermediaries, said T. Rowe Price would continue its commitment to a diversified distribution strategy.
“Our corporate culture and tradition have always emphasised the primacy of client interest, and that remains the bedrock of our business strategy, even as we expand our services to a growing number of investors around the world,” he added.
George A. Roche, chairman and president, said: “Jim Riepe has been a prominent leader in our firm and our industry over the past 24 years.
“He has made substantial contributions to the firm’s growth and stature, both nationally and globally.”
During Riepe’s tenure the firm expanded its distribution efforts to institutions, individuals, financial intermediaries, and, more recently, institutions and intermediaries based outside the US.
Riepe also oversaw the expansion of the firm’s mutual funds, which had $155bn in assets as of June 30, and served as chairman of the price fund boards.
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