T Rowe Price makes unconventional manager choice for first dedicated UK fund
Former EMEA co-head Mitchell Todd to lead the charge on US asset manager’s foray into UK equities
T Rowe Price has taken an unconventional route appointing the former boss of its European portfolio team to helm its first UK equity fund which faces steep competition in a crowded marketplace despite differentiating itself with a sustainable bent.
The $1.4trn (£1trn) asset manager revealed on Monday it was preparing to launch its first dedicated UK strategy, a move which it said has “strengthened its commitment” to the region.
Branded the Responsible UK Equity fund, it will apply a socially responsible screen “which aligns with the most common ESG concerns expressed by clients” and exclude companies “involved in an extreme ESG breach” that are not taking steps to address their underlying issues.