(updated with correction)
Jack Laporte will step down as portfolio manager of the $4.5 billion T. Rowe Price New Horizons fund on March 1, 2010, after 22 years at the helm of the small-cap growth equity mutual fund, the firms second oldest, said spokesman Brian Lewbart.
Henry Ellenbogen, portfolio manager of the $1.1 billion T. Rowe Price Media & Telecommunications fund, will replace Mr. Laporte as manager of the New Horizons fund and related institutional small-cap growth equity accounts, following a transition period beginning Oct. 1 when the two will work together.
As of March 31, Mr. Laporte oversaw roughly $4.8 billion in combined mutual fund and institutional assets.
Mr. Ellenbogen will relinquish oversight of the Media & Telecommunications fund on Oct. 1 to Dan Martino, an equity research analyst covering telecom services. Mr. Lewbart said plans to fill Mr. Martinos analyst position have not been finalized.
Mr. Laporte will remain a full-time contributor at T. Rowe Price, continuing to serve on a number of investment advisory committees for specific funds as well as broader committees, such as the firms equity steering committee, Mr. Lewbart said. He will take on an even greater mentoring role at the firm, Mr. Lewbart said.