September 20, 2012 (PLANSPONSOR.com) – Head of T. Rowe Price’s RPS, Cynthia Egan, will retire after 30 years in the
industry; the firm also created a new division, U.S. Investment Services.
Egan, who has served as head of Retirement Plan Services (RPS) for the past five years, will
retire on December 31.
“Cynthia has made
valuable contributions to our clients, the firm and the industry, and leaves
behind a strong team that will keep us positioned for future success in the
retirement business,” Edward C. Bernard, vice chairman of T. Rowe Price
Group, said. “Under her leadership, T. Rowe Price has seen
significant growth in the number of retirement plans and participants it serves,
and has continued to deliver high client satisfaction and loyalty. She has also been a
vocal advocate for strengthening the defined contribution plan as a pillar of
the U.S. retirement system and for emphasizing retirement income as a key
measure of participant success.”
With Egan’s retirement, the firm will move forward with an alignment
of distribution activities serving the needs of U.S. individual investors. T.
Rowe price has formed U.S. Investment Services—a new division, led by Scott David—which
will include the existing retirement plan services, U.S. third-party
distribution and retail direct channels. In this role, David will provide
senior leadership for RPS and will report to Bernard. As
co-leaders of the RPS channel, Kevin Collins and Aimee DeCamillo will report to
Before joining the firm in 2011, David held several leadership
roles at Fidelity Investments, most recently as president of its Institutional
Retirement Services. Before this, he was president of U.S. Retirement Services
for Deutsche Asset Management/Scudder Investments.