June 3 (Bloomberg) -- T. Rowe Price Group Inc.’s 32-year veteran Brian Rogers plans to step down as manager of the $30.2 billion Equity Income Fund at the end of October 2015, when John D. Linehan will take over.
Rogers, 58, will continue to serve as chairman and chief investment officer at T. Rowe Price, the Baltimore-based company said today in a statement. Rogers will also give up his role on the $2 billion Institutional Large-Cap Value Fund, leaving co- managers Mark S. Finn and Linehan to run that fund.
Rogers has guided Equity Income since its inception in 1985. The fund returned a 17 percent annual average over the past five years, beating 64 percent of similarly managed funds, according to data compiled by Bloomberg. Linehan, 49, will immediately hand over his role as the firm’s head of U.S. equity to Bill Stromberg.
“In reflecting on this milestone,” the company said of Rogers, “he has decided this will be an opportune time to hand over his portfolio management responsibilities.”