November 28, 2000|By Bill Atkinson | Bill Atkinson,SUN STAFF
T. Rowe Price Associates Inc., looking to build on its global asset management business, said yesterday that it has hired a top executive from Morgan Grenfell/Deutsche Asset Management to head its international and global fixed-income portfolios.
T. Rowe Price International, a unit of the Baltimore-based mutual fund company, said Ian Kelson has joined the firm as director of international fixed income. He will run Price's international and global fixed-income portfolios and expand its fixed-income investment services for investors worldwide.
Price, which has $179 billion in assets under management, manages about $1 billion in international fixed-income assets.
"We see significant opportunities in Europe and Asia for providing fixed-income management services to investors there, and for investing in those markets," said Bill Reynolds, director of Price's fixed-income division. "Having a strong capability and presence in those markets is critical to our long-term success."
Kelson, who is based in London, previously was head of fixed income at Morgan Grenfell and oversaw $50 billion in fixed income assets.
Price is working to expand its overseas business. In August, it acquired the 50 percent interest in Rowe Price-Fleming International that it didn't own from its British partner, Robert Fleming Holdings Ltd., for $783 million.
Price also announced yesterday that its brokerage arm has cut its commission for online stock trades. T. Rowe Price Brokerage now charges $19.95 for trades of up to 1,000 shares, down from $24.95.
The company also said it has expanded its Mutual Fund Gateway program, a supermarket of mutual funds for investors.
The program has doubled the number of no-load mutual funds it offers to nearly 3,000. Mutual Fund Gateway also offers 7,000 funds that charge sales fees.
