T. Rowe Price Chairman To Retire After 38 Years
After 38 years with T. Rowe Price, Chairman and President George A. Roche announced that he plans to retire in the fourth quarter of 2006.
To replace Roche, the board of directors has selected James A.C. Kennedy, currently director of equities. He will be given the titles of president and chief executive officer. The board of directors also plans to elect Brian C. Rogers as chairman of the board and Edward C. Bernard as vice chairman. In addition, William J. Stromberg, co-director of equities, will succeed Kennedy upon his promotion.
Abadie Joins Credit Suisse As Managing Director
Alexandre Abadie has been selected by Credit Suisse to serve as managing director and head of product development for the firm's asset management division. In this role, Abadie is also responsible for worldwide marketing.
"I am excited to be joining Credit Suisse's asset management team," Abadie said. "This will be a great opportunity to work with some of the most capable people in the industry at a very exciting time in Credit Suisse's development as a global provider of investment solutions."
Prior to joining Credit Suisse, Abadie was a managing director and head of the financial institutions global capital markets group at Morgan Stanley. Before that, he was with Lehman Brothers, where he headed European derivatives sales. Abadie has also worked for Bankers Trust as the director of a group that marketed complex structured debt instruments to asset management clients.
Abadie will be based in Credit Suisse's London office, and he will serve as a member of the asset management committee.
Wilmington Trust Promotes Farr to Chief Economist
Wilmington Trust has appointed Dorsey D. Farr as chief economist. Prior to his promotion, Farr was the director of asset allocation and portfolio strategy, a role he will still continue to fill. He is taking the place of Robert Christian, who has retired from Wilmington after 10 years with the firm.
Farr's new assignment comes at a time when Wilmington is looking to enhance its asset management capabilities. In the past year, the firm has expanded its portfolio management team, introduced several new mutual funds and integrated its investment activities into a single platform.
"Dorsey is an accomplished economist with outstanding credentials and analytical skills," said Robert M. Balentine, head of Wilmington Trust Investment Management. "His insights about the financial markets and his asset allocation decisions have helped our high-net-worth clients navigate challenging investment waters over the last several years."
Farr has also worked as a researcher at the Federal Reserve Bank of Richmond, as a professor at the University of Virginia and as an economist at Balentine & Co., which Wilmington later acquired.
Primus Selects Young As Senior Portfolio Manager
Primus Asset Management has hired Don Young to serve as a senior portfolio manager for high-yield products.
In this new post, Young will be responsible for the supervision of the firm's leveraged loan and high-yield bond assets in products and investment vehicles.
Before joining Primus, Young was a principal and high-yield trader at Octagon Credit Advisors, where he ran a portfolio of high-yield bonds and leveraged loans.
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