Numbers might give you some comfort but they don’t tell the whole story, according to CFS. To get that, you have to dig a little deeper – and take a lot of meetings.
The passive giant’s former super boss has found a new home at Bell Asset Management, and comes into the increasingly tough business of active management with his “eyes wide open”.
T. Rowe Price opens Melbourne office
(Pictured: David Frazer)
T. Rowe Price is continuing its Australian expansion with the appointment of David Frazer, an experienced relationships manager, following on from the establishment of a ‘client operations’ manager position, filled by Irene Chung.
In the past 12 months the Baltimore-based global firm has established an Australian equities capability and also appointed its first specialist marketing manager, Marieta Olivari.
Frazer, who started in April, was most recently at alternatives firm Ashmore, and before that at Western Asset Management, the Legg Mason affiliate, and before that at Wellington Management. He also holds a CFA designation.
Murray Brewer, the head of Australian business for T. Rowe Price (TRP) said last week: “TRP in Australia is going from strength to strength. We are in an expansionary phase, launching new products and building out our local presence with a few new hires over the past 12 months.
‘The appointment of David Frazer reflects increased sophistication of the Australian market as large funds build in-house investment capability and the traditional role of the consultant evolves. David is an actuary by training and portfolio manager by career, and is in a good position to be able to advise our largest clients on their portfolios and sector positioning. He comes into the Australian business at time when T. Rowe Price has expanded the range of strategies it is advising clients…. In terms of new business, we have expanded our client base across global equities and Australian equities and, more recently, global fixed income clients.”
Meanwhile, Brian Rogers, the chairman and CIO, who has also for years run the firm’s flagship US-domiciled ‘income fund’, is to pass on his portfolio management responsibilities towards the end of 2015.
Brewer said of Rogers: “He is a legend in terms of his track record and the alpha he has generated over such a long period. He may not be well known in Australia, but in the US he is considered one of the legends of the industry… 30 years is an amazing track record. His numbers are great and he commands respect wherever he goes.”
Brewer pointed out that Rogers will not fully leave the income fund portfolio until late next year, which is the way TRP handles succession planning. Brian will pass the baton to John Linehan who has worked closely with Rogers previously on the equity income fund. John also is a highly regarded senior investor at TRP.
Brewer said: “Brian [Rogers] has been the voice of reason through many crises that the market has weathered; he has been the steady hand on the tiller, particularly during the GFC, where he was renowned for walking the floors in Baltimore and telling analysts and PMs that the ‘world doesn’t end very often’.
“The move for Brian to step back from day-to-day portfolio management next year means he can focus on mentoring the senior investors in the firm to deliver the consistent results investors can expect of TRP.”
