After 22 years working at T. Rowe Price, 55-year-old William Reynolds will retire as the company’s fixed income director, effective this April.

Taking his spot will be Mary J. Miller, who currently serves as assistant director for the firm’s lucrative $55 billion fixed-income wing. Miller, 48, has been at T. Rowe Price since 1983, and is also the manager of its Tax-Free Income Fund. The company said that Miller will continue to manage portfolios while in her new position.

Reynolds will also relinquish his duties on the company’s board of directors and management committee. Since taking over the fixed income division in 1996, Reynolds has helped guide it to an 80% increase in assets.

The company’s chairman and president, George A. Roche, while stating he believes the division is being left in capable hands with Miller, said that Reynolds "will leave behind a legacy of strong leadership and innovation."    

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