Updated with correction.
Andrew McCormick, vice president, head of global fixed income and chief investment officer of the fixed-income division at T. Rowe Price Group, plans to retire at the end of 2023.
He will be succeeded by Arif Husain, currently head of international fixed income and a CIO at T. Rowe Price. Mr. Husain will succeed Mr. McCormick on Jan. 1, 2024, and assume his position on T. Rowe Price's management committee and as chairman of the fixed income steering committee.
As part of the transition leading up to Mr. Husain's ascension to his new role, T. Rowe Price also announced leadership changes on a number of strategies he has led or co-led.
Effective Feb. 28, Senior Portfolio Manager Quentin Fitzsimmons and Associate Portfolio Manager Scott Solomon will become co-portfolio managers of the Dynamic Global Bond Strategy alongside Mr. Husain, who will remain one of the portfolio managers until Dec. 31. Also effective Feb. 28, Mr. Fitzsimmons will become sole portfolio manager of the Aggregate Bond, Global Government Bond and Global Government Bond ex-Japan strategies, and Portfolio Manager Andrew Keirle will succeed Mr. Husain as co-portfolio manager of the International Bond strategy alongside Senior Portfolio Manager Kenneth A. Orchard. Mr. Husain will remain lead portfolio manager of the Global Government Bond High Quality strategy.
Mr. McCormick joined T. Rowe Price in 2008 as a portfolio manager specializing in Government Mortgage Association securities before replacing the retiring Edward "Ted" Wiese as head of global fixed income in 2019.
As of Dec. 31, T. Rowe Price Group had $1.27 trillion in assets under management.