T. ROWE PRICE ADDS NEW HEAD OF GLOBAL SEPARATELY MANAGED ACCOUNT OFFERING

T. Rowe Price has appointed Michael Benedetto as the new head of its global Separately Managed Account (SMA) offering, effective January 18, 2023.

Rhea-AI Summary

T. Rowe Price has appointed Michael Benedetto as the new head of its global Separately Managed Account (SMA) offering, effective January 18, 2023. Benedetto will oversee the strategic direction of the SMA business, which includes various management and asset allocation strategies. With over 20 years of industry experience, he was previously the head of Intermediary Separate Accounts at Neuberger Berman. T. Rowe Price currently offers 16 investment strategies in the SMA vehicle and maintains 37 sponsor placements, including top distributors, highlighting its commitment to growth in this area.

Positive

• Michael Benedetto brings over 20 years of experience to T. Rowe Price.
• The SMA business is a strategic priority with 16 investment strategies offered.
• T. Rowe Price has 37 SMA sponsor placements, showcasing strong distribution.

Negative

• None.

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Michael Benedetto will serve in new role driving strategic direction to extend progress for T. Rowe Price's separately managed account (SMA) business

BALTIMORE, Jan. 18, 2023 /PRNewswire/ -- T. Rowe Price (NASDAQ-GS: TROW), a global investment management firm and a leader in retirement, today announced that is has hired Michael Benedetto in the new role of head of its global Separately Managed Account (SMA) offering. In this position, he will oversee the strategic direction of T. Rowe Price's SMA business globally, including manager traded SMAs, model delivery SMAs, dual contract SMAs, and asset allocation model portfolios. Benedetto, who joined T. Rowe Price this week, reports to Cheri Belski, head of Global Product.

SMAs are a strategic business priority for T. Rowe Price. The firm currently offers 16 equity, fixed income, and multi-asset strategies in the SMA vehicle. The firm has offered SMAs since 2016 and currently maintains 37 SMA sponsor placements, including all of the top 10 SMA distributors. In his new role, Benedetto will work closely with clients and key internal stakeholder groups, including product, distribution and investments on product strategy, development, and management activities to further evolve and build out the firm's SMA lineup and capabilities.

Benedetto joins T. Rowe Price with more than 20 years of industry experience, having most recently served as head of Intermediary Separate Accounts and Sub-Advised Funds at Neuberger Berman in New York. There, he also served as a managed account subject matter expert, offering insights on industry trends and developments, and as director of SMA Trading and Portfolio Implementation. He holds a Bachelor of Arts degree in economics from the University at Albany – State University of New York, and holds the FINRA Series 7 and 66 licenses.

QUOTE

Cheri Belski, head of Global Product at T. Rowe Price

"It is a pleasure to welcome Michael to T. Rowe Price. He is a highly accomplished asset management business leader with several years of extensive SMA expertise. This new role emphasizes our commitment to the SMA business, which has seen steady growth in recent years. Michael's deep working knowledge, strategic skillset and range of experience bring a dedicated focus to this space as we thoughtfully evolve our offerings and provide clients access to T. Rowe Price's compelling investment strategies with increased investment choice."

ABOUT T. ROWE PRICE
Founded in 1937, Baltimore-based T. Rowe Price (troweprice.com) is an independent global asset management company with $1.28 trillion in assets under management as of December 31, 2022, and a local presence in 16 countries. Known for long-term investment excellence, T. Rowe Price provides an array of mutual funds, subadvisory services, exchange-traded funds and separate account management for individual and institutional investors, consultants, retirement plan sponsors, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. Its active, strategic investing approach is disciplined, risk-aware, and based on rigorous fundamental research. T. Rowe Price helps clients invest with confidence and can be found on Facebook, Instagram, LinkedIn, Twitter, and YouTube.

T. Rowe Price Separately Managed Accounts are advised by T. Rowe Price Associates, Inc., a registered investment adviser.

View original content:https://www.prnewswire.com/news-releases/t-rowe-price-adds-new-head-of-global-separately-managed-account-offering-301724340.html

SOURCE T. Rowe Price Group, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the significance of Michael Benedetto's appointment at TROW?

Michael Benedetto's appointment is significant as he will drive the strategic direction of T. Rowe Price's SMA business, which is a key focus area for the firm.

How many investment strategies does TROW offer in its SMA business?

T. Rowe Price currently offers 16 investment strategies in its Separately Managed Account business.

What is TROW's position in the SMA market?

T. Rowe Price maintains 37 SMA sponsor placements, including relationships with all top 10 SMA distributors, reflecting its strong market position.

When was Michael Benedetto appointed at T. Rowe Price?

Michael Benedetto was appointed as head of the global SMA offering on January 18, 2023.