Daniel Martino will replace Joseph M. Milano as portfolio manager of the T. Rowe Price New America Growth Fund (PRWAX) effective May 13, according to a May 10 filing with the Securities and Exchange Commission.

Martino is currently manager of the T. Rowe Price Media & Telecommunications Fund (PRMTX). Effective May 13, Paul D. Greene II will join Martino as co-portfolio manager of the Media & Telecommunications Fund, and effective October 1, 2013, Greene will become sole portfolio manager, according to the filing.

The New America Growth Fund has $4 billion in assets and a four-star rating from Morningstar. T. Rowe Price’s Media & Telecommunications Fund has $2.6 billion in assets and was given five stars by Morningstar.

“Joe is leaving the firm to pursue another investment management opportunity, most likely on his own,” according to Brian Lewbart, a spokesman for the firm. Milano has been running the New America Fund since 2002, Lewbart said.

For his part, Martino has been running the Media & Telecommunications Fund since Oct. 2009, Lewbart said. He was previously an analyst on the media and telecommunications team, Lewbart said.

Greene, who has been analyst on the media and telecommunications team since 2006, will be taking over responsibility for the Media & Telecommunications Fund after a transition period, Lewbart said.

“We feel we have a deep bench of investment professionals who are ready to step in when someone retires or leaves,” he said.

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