September 20, 2012
--- Head of T. Rowe Price’s RPS, Cynthia Egan, will
retire after 30 years in the industry; the firm also created a new division,
U.S. Investment Services. ---
Egan, who has served as head of
Retirement Plan Services (RPS) for the past five years, will retire on December
31.
“Cynthia has made valuable
contributions to our clients, the firm and the industry, and leaves behind a
strong team that will keep us positioned for future success in the retirement
business,” Edward C. Bernard, vice chairman of T. Rowe Price Group, said.
“Under her leadership, T. Rowe Price has seen significant growth in the number
of retirement plans and participants it serves, and has continued to deliver
high client satisfaction and loyalty. She has also been a vocal advocate for
strengthening the defined contribution plan as a pillar of the U.S. retirement
system and for emphasizing retirement income as a key measure of participant
success.”
With Egan’s retirement, the firm
will move forward with an alignment of distribution activities serving the
needs of U.S. individual investors. T. Rowe price has formed U.S. Investment
Services—a new division, led by Scott David—which will include the existing
retirement plan services, U.S. third-party distribution and retail direct
channels. In this role, David will provide senior leadership for RPS and will
report to Bernard. As co-leaders of the RPS channel, Kevin Collins and Aimee
DeCamillo will report to David.
Before joining the firm in 2011,
David held several leadership roles at Fidelity Investments, most recently as
president of its Institutional Retirement Services. Before this, he was
president of U.S. Retirement Services for Deutsche Asset Management/Scudder
Investments.
Kristen Heinzinger