BALTIMORE - T. Rowe Price Group, Inc. (NASDAQ:GS: TROW), a global asset management firm, has announced the appointment of two company veterans, Kevin Collins and Francisco Negrón, to lead its U.S. Intermediaries (USI) and Retirement Plan Services (RPS), respectively, starting from March 1, 2024.
Collins, who has been with T. Rowe Price since 1994, will take over as head of USI, a division that supports financial advisors and consultants. He will report to Dee Sawyer, the newly appointed head of Global Distribution. Collins, who previously led the RPS division, also serves as chair of the SPARK Institute's Governing Board. Concurrently, Annie Brown and Jim Zurad will assume new roles as co-heads of USI Wealth Management, both reporting to Collins.
Negrón, who joined the firm in 1987, will succeed Collins as head of RPS. He has spent the last 12 years overseeing RPS' Client Services organization, and is actively involved in MOSAIC, T. Rowe Price's business resource group for promoting diversity and inclusion. Negrón also hosts the firm's retirement-focused podcast.
The leadership changes reflect T. Rowe Price's strategic emphasis on growth within its wealth management and retirement services channels.
Dee Sawyer, who has been with the company since 2011, praised the appointed leaders for their transformative contributions to the firm and their ability to deliver positive outcomes for clients and colleagues.
T. Rowe Price, established in 1937, manages $1.45 trillion in assets as of December 31, 2023, serving millions of clients worldwide. The firm is known for its active management approach across various asset classes and its retirement solutions expertise. These appointments are part of the company's ongoing efforts to strengthen its strategic position and client services in the financial marketplace.
This information is based on a press release statement.
InvestingPro Insights
As T. Rowe Price Group, Inc. (NASDAQ:GS: TROW) continues to strengthen its leadership team, the company's financial metrics provide a snapshot of its current market standing. With a robust market capitalization of $24.58 billion, T. Rowe Price showcases its significant presence in the asset management industry. The firm's commitment to shareholder returns is underscored by a dividend yield of 4.55%, a testament to its stability and investor confidence, especially as it has maintained dividend payments for an impressive 39 consecutive years—an InvestingPro Tip worth noting for income-focused investors.
Investors looking at performance metrics will find encouragement in the company's positive three-month price total return of 17.19%, reflecting strong recent market performance. This aligns with another InvestingPro Tip highlighting the firm's strong return over the last three months, suggesting investor optimism about T. Rowe Price's strategic initiatives and leadership changes.
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