Money Management

T. Rowe Price names head of investment strategy

David Giroux was named head of investment strategy at T. Rowe Price Group.

The position is new, a T. Rowe Price spokesman said.

Mr. Giroux will retain his titles as chief investment officer of U.S. equity and multiasset, and his responsibilities as portfolio manager of the $31.4 billion T. Rowe Price Capital Appreciation Fund, which is closed to new investors, the spokesman said.

The additional title reflects Mr. Giroux's previous efforts in leading T. Rowe Price's security selection process across asset classes and "formalizes research work David has been conducting" for the firm, the spokesman said.

Mr. Giroux will continue to report to Eric Veiel, vice president, head of U.S. equity and head of global equity, the spokesman said.

Mr. Giroux oversees about $47 billion in assets under management, including the assets in the capital appreciation fund, the spokesman said.