Edward "Ted" Wiese, vice president and head of fixed income at T. Rowe Price Group, will retire in May 2019, a spokeswoman said.
Mr. Wiese has been at the firm since 1984 and has led the fixed-income unit since January 2015. "It has been a privilege to spend my entire career at T. Rowe Price," Mr. Wiese said in a news release.
He will be replaced by Andrew McCormick, vice president and head of the U.S. taxable bond unit at T. Rowe Price, effective Jan. 1.
Mr. McCormick is portfolio manager of the company's U.S. Government National Mortgage Association bond fund and co-portfolio manager of its total return bond fund.
As head of fixed income, Mr. McCormick will report to Robert Sharps, head of investments and group chief investment officer.
Christopher Brown, vice president and co-portfolio manager of the total return bond fund, will become its portfolio manager. Keir Joyce, an associate portfolio manager of the GNMA fund, will become its portfolio manager.
T. Rowe Price had $1.014 trillion in assets under management as of March 31, including $225.3 billion in fixed income and money market assets, according to the company's first-quarter earnings statement.