Michael Gitlin was named partner and head of fixed income at Capital Group, effective this spring, said Capital Group spokesman Chuck Freadhoff.
The position is new. Mr. Gitlin will report to Timothy Armour, chairman of Capital Group Cos.
Mr. Gitlin resigned as head of fixed income at T. Rowe Price on Thursday. He was replaced by Edward “Ted” Wiese, who has already assumed his responsibilities, said T. Rowe spokesman Brian Lewbart.
Mr. Wiese will oversee the firm's fixed-income investment management operations and join T. Rowe's management committee. He will report to James A.C. Kennedy, T. Rowe Price president and CEO.
Mr. Wiese is currently head of the U.S. taxable low-duration team and portfolio manager of the U.S. short-term bond strategy. He will retain his portfolio management responsibilities on the U.S. short-term bond strategy, with Michael Reinartz, associate portfolio manager, becoming co-portfolio manager.
Cheryl Mickel, a portfolio manager on the stable value strategy, meanwhile, will assume Mr. Wiese's responsibilities as head of the U.S. taxable low-duration team. She will retain her portfolio management responsibilities.
Capital Group had more than $225 billion in fixed-income assets under management as of Dec. 31, while T. Rowe Price had $165.7 billion in fixed-income AUM as of Sept. 30.