Baltimore, June 1, 2026, 06:02 EDT
T. Rowe Price moves to its new leadership structure Monday, with Eric Veiel stepping in as president. The change hands a wider strategy role to a longtime investment veteran at the big U.S. active manager. Rob Sharps will remain as chair and CEO. Sébastien Page is named co-head of Global Investments, and Wyatt Lee will take over Global Multi-Asset on Oct. 1, according to the firm.
T. Rowe is up against fee pressure and client withdrawals as it works to hold onto its big retirement and mutual fund business. The firm, one of several active managers aiming to beat the indexes, said it managed $1.83 trillion in client assets as of April 30. For the month, net outflows hit $10.6 billion, mostly from a handful of big redemptions.
T. Rowe was indicated higher ahead of the U.S. open, with shares at $104.53 for a gain of 0.9% from yesterday’s close. U.S. stock markets had not started regular trading. Nasdaq’s regular session is 9:30 a.m. to 4 p.m. Eastern, according to .
T. Rowe Price’s board signed off on Veiel for president, co-head of Global Investments and CIO on May 15, a filing showed. That’s the top investment job, running strategy. Sharps stays on as CEO, the filing said.
Sharps called Veiel, Page and Lee “proven leaders” with strong market backgrounds. Veiel, at T. Rowe for over 20 years, said the company plans to keep prioritizing independent research and active management. “Modernize how we operate,” is still a goal, Veiel said. T. Rowe Price
The move keeps focus on T. Rowe’s multi-asset and target-date lines. Target-date funds change their allocation as retirement nears. Lee stays in charge of target-date while taking over Global Multi-Asset, according to the firm.
T. Rowe Price’s first-quarter results landed on uneven ground. Net revenue came in at $1.86 billion, up 5.3% year over year, and adjusted diluted EPS was $2.52. But assets under management dropped by $65.9 billion during the quarter to around $1.7 trillion as net client outflows and market moves weighed.
Valuation is on the radar for investors. Simply Wall St, in a May 31 note, said T. Rowe’s 90-day share-price return stood at 10.1%, with total shareholder return at 17.7% for the year, but a loss of 32.5% over five years. The site’s main narrative put fair value for the stock near $96.50, below where it last closed at $104.53.
T. Rowe has plenty of competition. Big firms like BlackRock and Invesco use their size, ETFs and cheap products to keep pressure on. T. Rowe’s annual report notes more money is moving out of old-style active funds and into passives, with clients focused on cost and fees staying under pressure.
Firms have moved into new wrappers and private-market access. Last year Goldman Sachs and T. Rowe said they would work together on retirement and wealth products combining public and private assets. Goldman said it plans to buy as much as $1 billion of T. Rowe stock.
The strategy still hinges on clients sticking with T. Rowe, or returning. The company said in its annual report that if clients pull back or new money doesn’t come in, assets under management, revenue and earnings could drop. T. Rowe also flagged that trimming fees in response to rivals could drag down revenue and squeeze operating margins.
For Veiel, the immediate task is to turn a reset at the top into stronger flows, while holding the line on fees. Over the next few months, it’ll become clear if the management reshuffle means a simpler setup or just new names on the same old issue for the industry.
