T. Rowe Price appoints global product head

Andrew Astley was named global head of product at T. Rowe Price Group, said spokeswoman Briana Wessell.

The position is new. Effective Jan. 23, Mr. Astley will work with the firm's investment and distribution teams to develop investment strategies for U.S. and global equities, fixed income and asset allocation. He will also focus on developing and implementing plans for launching new investment strategies.

He will be based in Baltimore and report to Robert Higginbotham, head of global investment services and a member of T. Rowe's management committee.

Mr. Astley was head of global product and marketing at State Street Global Advisors. He was replaced by Cyrus Taraporevala, who previously led Fidelity Investments’ retail managed accounts and life insurance & annuities businesses, said SSgA spokeswoman Andrew Hopkins.

T. Rowe Price had $812.9 billion in assets under management as of Sept. 30.