T. Rowe Price Group announced Monday that James S Riepe, vice chairman, plans to retire from the firm at the end of this year, and that Edward C. Bernard will be his replacement.

Riepe has been with the firm for 24 years and has led the firm's marketing, investor service, and technology services since he first joined the firm in 1981. The firm's assets have grown by $232 billion since Riepe joined. Riepe also recently completed his second term as chairman of the Investment Company Institute.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.