Ruppert exits T Rowe Price after 27 years
Todd Ruppert, one of the most experienced executives in the global asset management industry, is to retire from T. Rowe Price at the end of June, after 27 years building the firm’s business across several continents.
Known for his international outlook and understanding, he oversaw relationships with financial intermediaries, institutional clients and consultants worldwide as head of Global Investment Services.
T. Rowe Price now has offices in 13 countries and clients in 35 countries. At end December 2011, 11% of the company’s total assets under management were sourced from clients outside the US., and the firm manages nearly $490bn in assets under management.
Ruppert will now focus on his philanthropic activities. He recently became US President of the Board of the Royal Parks Foundation of London, and helped establish the Young Americans’ Challenge of the Duke of Edinburgh’s Award – a youth programme active in more than 132 countries.
His board memberships also include, among others, Halcyon Gallery, INSEAD Business School, Kenyon College, Furman University, and Maryland’s World Trade Center Institute.
T Rowe Price said a global search will be conducted to identify a successor to Ruppert, but his duties will be assumed on an interim basis by GIS executives Keith W. Lewis and Flemming Madsen.
Lewis, head of sales and client service for North America, will take on leadership of global strategic resources, consultant relations, and marketing activities. Madsen, head of sales and client service for the Asia-Pacific region, will lead the distribution and client service activities outside of North America.
Both will report to Edward C. Bernard, vice chairman of T. Rowe Price Group and chairman and CEO of T. Rowe Price International Ltd.