Gillespie leaves Price to establish own fund

Maryland Watch

March 06, 1997

T. Rowe Price Associates said yesterday that fund manager John Gillespie has resigned to run his own mutual fund.

Gillespie, who worked for Baltimore-based Price for 10 years, had managed the T. Rowe Price Growth Stock Fund since 1994.

Growth Stock has $3.5 billion in assets under management, and it was the first fund started by the company in 1950.

George A. Roche, a Price managing director, said Gillespie will be moving to Connecticut to start his own business. Roche said the departure was amicable. "He did a good job for us and we are sorry to see him go," Roche said.

Gillespie, who left last week, could not be reached for comment.

The Growth Stock fund invests in large domestic and international companies. Under Gillespie's watch, it returned 20.15 percent over the 12 months ended Feb. 28, and 17.72 percent annualized the past three years.

Robert Smith has taken over management of the fund. He began managing T. Rowe Price's Global Stock Fund last year. He joined Price more than four years ago as a retail and electronics analyst.

Pub Date: 3/06/97

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