Defined contribution

T. Rowe Price record-keeping business taps new leader

Kevin Collins has been named head of T. Rowe Price Retirement Plan Services, the record-keeping unit of T. Rowe Price Group.

He replaces Aimee DeCamillo, who will leave April 17 for "another opportunity" outside T. Rowe Price, said spokesman Brian Lewbart, Mr. Lewbart didn't provide further details on Ms. DeCamillo's departure, and she couldn't be reached for comment.

Ms. DeCamillo has led T. Rowe Price Retirement Plan Services since 2014,

Mr. Collins was head of retirement plan services' product and platforms unit, and the company is conducting a search for his replacement, Mr. Lewbart said. Mr. Collins is a 25-year veteran of the company.

T. Rowe Price Retirement Plan Services had $171 billion in assets under administration as of Dec. 31, Mr. Lewbart said, with 4,600 clients and more than 2.1 million participants.

"Retirement plan services remains a core business for our firm, and we are investing to grow and to better serve our plan sponsor clients and plan participants," William Stromberg, president and CEO of T. Rowe Price Group, said in a news release. "We are confident that Kevin will continue to carry on the success of our retirement business."

Mr. Collins will report to Dee Sawyer, the newly-named head of the individual investors and retirement plan services unit, as part of a corporate restructuring. Ms. Sawyer, currently head of human resources, assumes her new role May 1, replacing Scott David, who will retire in August 2019.

"Dee Sawyer is a proven leader with deep expertise and experience in these channels and I am pleased that she is taking on this important leadership role," Mr. Stromberg said in the news release.

Ms. Sawyer, who has worked for T. Rowe Price since 2011, reports to Robert Higginbotham, who on May 1 becomes the head of global distribution, a unit created to place all T. Rowe Price's distribution businesses – including the global investment management services division which he has led – under unified leadership.

Mr. Higginbotham, who joined T. Rowe Price in 2012, will continue to report to Mr. Stromberg.

"The formation of global distribution under Robert's leadership will foster collaboration and innovation and help us deliver increased value and enhanced service to our clients," Mr. Stromberg said in the release.

Separately, Christopher Newman, head of Americas institutional client services, was been named head of Americas, responsible for the company's U.S. institutional and Canadian businesses. He reports to Mr. Higginbotham.

Mr. Newman succeeds Keith Lewis, who retired last year. Kimberly Young, a senior member of the institutional client services team, assumes Mr. Newman's client services job, Mr. Lewbart said.