US – Asset management firm T. Rowe Price Group has named equities chief James Kennedy to be its new president and chief executive when George Roche retires.

The Baltimore-based firm said Roche, 64, will retire as chairman and president during the fourth quarter of 2006. Kennedy, 52, joined the firm in 1978.

Chief investment officer Brian Rogers becomes chairman; he’ll remain CIO. Edward Bernard will be vice chairman.

Equities co-director William Stromberg becomes director of equities and global equity research.

Roche joined the firm in 1968 and became chairman and president in 1997.

Rogers, 50, has been a director since 1997 – he joined the firm in 1982.
T. Rowe has $269.5bn in assets under management.