T. Rowe Price announced Monday that Eric Veiel, the firm’s current head of global investments, will become president, effective June 1. Sébastien Page, currently the company’s CIO and head of global multi-asset, will become co-head of global investments with Veiel and remain CIO, also effective June 1.
Veiel and Page will report to Rob Sharps, the company chair and CEO, and remain members of the firm’s management committee. Page will remain acting head of global multi-asset through September 30, according to the firm.
Wyatt Lee, the current head of target date strategies and co-portfolio manager of the firm’s target date portfolios, will become head of global multi-asset, effective October 1. Lee will also continue in his current roles and be appointed to the management committee, effective January 1, 2027.
Veiel has been with T. Rowe Price for more than 20 years and served in key leadership roles in the firm’s investment organization. Page has 25 years of experience across multi-asset investing and solutions. Lee has more than 30 years of investment experience and has been with T. Rowe Price since 1999.
“Eric, Sébastien and Wyatt are proven leaders with deep investments and market experience and a steadfast commitment to clients,” said Sharps, in a statement. “They have helped to shape the strategic direction of our firm, and I am confident that in their expanded roles they will position T. Rowe Price for continued success in the years ahead.”
In March, T. Rowe Price announced that Jessica Sclafani would head the retirement strategist team, following the May 1 retirement of its previous head, Michael Davis.
T. Rowe Price managed $1.83 trillion in client assets as of April 30, about two-thirds of which are retirement-related.