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Money Management

T. Rowe Price appoints head of investments

Robert W. Sharps, left, and Edward C. Bernard

Robert W. Sharps was named head of investments at T. Rowe Price Group, effective March 1.

Mr. Sharps will oversee all investment activity for the firm's $1.05 trillion of assets under management, confirmed Brian Lewbart, a company spokesman.

The title has not been used for some time, Mr. Lewbart said, noting that William J. Stromberg, T. Rowe Price's president and chief executive officer, has been handling the functions of the role.

Mr. Sharps will retain his position as group CIO, but his role as co-head of global equity will be assumed by Eric L. Veiel, who will remain vice president and head of U.S. equity.

"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," Mr. Stromberg said in a news release.

Separately, T. Rowe Price announced the retirement of Edward C. Bernard, vice chairman, effective Dec. 31.

Mr. Stromberg will assume Mr. Bernard's oversight of the firm's legal, technology and distribution functions, Mr. Lewbart said.

Mr. Bernard joined T. Rowe Price Group in 1988 as a marketing manager for retail investors and held various positions during his tenure.

"Ed's contributions to our success over the last three decades have been significant and instrumental to the growth of the firm and the enhancement of our capabilities, reach, and reputation," said Mr. Stromberg in the release.