Retirement Industry People Moves

T. Rowe Price builds up target-date team, and Wells Fargo board of directors names CEO and president.

Art by Subin Yang

Art by Subin Yang

T. Rowe Price Builds Up Target-Date Team

T. Rowe Price has announced transitions in its Multi-Asset division.

Jerome Clark, CFA, who co-manages T. Rowe Price’s multi-asset target-date strategies, will step away from day-to-day portfolio management effective as of January 2021. Following this 15-month transition period, Clark will remain with the firm and focus on strategic initiatives for the Multi-Asset division and target-date franchise. He will continue as a member of the firm’s Multi-Asset Steering Committee and will remain on the Asset Allocation Committee through January 1, 2021. Clark has spent his investment career at T. Rowe Price and was the first portfolio manager of T. Rowe Price’s target-date funds when the firm’s Retirement Funds launched in 2002. He joined the company in 1992 and a quantitative analyst in the Fixed Income division and later served as portfolio manager of the U.S. Treasury Long-Term Bond Strategy from 1998 through 2003.

Wyatt Lee, CFA, co-portfolio manager of the firm’s multi-asset target date strategies with Clark, will become head of Target Date Strategies, a new role with oversight of the full target-date team, effective October. Lee has worked as a target-date portfolio manager since 2013 and specifically as co-portfolio manager of the Retirement Funds since 2015.  He also serves on the firm’s Multi-Asset Steering Committee and its Asset Allocation Committee. Lee has 22 years of investment experience, 20 of which have been with T. Rowe Price.

Kim DeDominicis will be promoted to portfolio manager of the target-date portfolios, reporting to Lee, effective October 2019. She has been an associate portfolio manager of the target-date portfolios since 2015 and a member of the Multi-Asset Division since 2007. DeDominicis has 20 years of investment experience and 19 years with T. Rowe Price. She will also continue as lead manager of T. Rowe Price’s College Savings Plan investment portfolios.

Andrew Jacobs van Merlen, CFA, will join the target-date team as a portfolio manager, also reporting to Lee, effective January 2020. Jacobs van Merlen is currently an associate portfolio manager in the Multi-Asset Division. He has 16 years of investment experience and 19 years with T. Rowe Price.

These new roles are an extension of the investment the Multi-Asset Division has made to the functions supporting the firm’s target-date portfolios over the last several years, including the growth of the group’s multi-asset investment analyst, technology, research and development, portfolio specialist, and analyst teams.

Wells Fargo Board of Directors Names CEO and President

The Board of Directors of Wells Fargo & Company has named Charles Scharf as the company’s chief executive officer and president, and a member of the Board of Directors, effective October 21. Scharf was chairman and CEO of Bank of New York Mellon. 

In March, the board appointed C. Allen Parker as interim CEO and president and a member of the board. Parker will continue to serve in these roles until Scharf joins the company, and will thereafter support the transition as a key member of the company’s leadership team and general counsel.

Prior to his role at BNY Mellon, Scharf was CEO of Visa, Inc., and before that, was managing director of One Equity Partners, the private investment arm of J.P. Morgan Chase & Co. He also served as chief executive officer of Retail Financial Services at J.P. Morgan Chase and chief executive officer of the retail division of Bank One Corp. Scharf has been CFO of Bank One Corp., CFO of the Global Corporate and Investment Bank division at Citigroup, and CFO of Salomon Smith Barney.

Scharf will continue to be located in New York. He serves on the Board of Directors of Microsoft Corporation. Scharf is also a member of the Business Council, Chairman of the New York City Ballet and a member of the Board of Trustees for Johns Hopkins University.