Christopher D. Clark and Francis D. Gannon were named co-chief investment officers of Royce & Associates, confirmed company spokesman Dave Gruber.
They are replacing Whitney George and Charles Royce, both of whom are becoming directors of investments and remaining senior portfolio managers. Mr. Royce will remain president. Messrs. George and Royce will also remain members of Royce & Associates’ management committee.
Messrs. Clark and Gannon will be responsible for providing independent supervision of the company’s portfolio management practice. This will encompass appropriate risk management oversight, as well as ensuring portfolio accountability and compliance. They will report to the firm’s management committee, of which both men are members.
Messrs. Clark and Gannon previously were portfolio managers and managing directors. There are no immediate plans for replacing them.