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T. Rowe Price Designates Stromberg to Succeed Kennedy as CEO

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Baltimore-based T. Rowe Price Group Inc. has named a successor for current CEO James A.C. Kennedy. William J. Stromberg, the company’s global equity head, will become CEO on January 1, 2016. At that time, Stromberg will join the board of directors at T. Rowe Price and chair the company’s management committee. Kennedy plans to officially retire from the company on April 27, 2016 at the company’s annual meeting.

In 1996, Kennedy was elected to the T. Rowe Price Group Board of Directors. Kennedy became CEO in 2007, managing the company through the global financial crisis in 2008. Stromberg joined T. Rowe Price in 1987 as an equity analyst.

Eric L. Veiel, a director of equity research for North America and a member of the U.S. Equity Steering Committee at the company, would become head of U.S. equity on January 1, 2016.

As of March 31, 2015, T. Rowe Price had US$ 772.7 billion in assets under management.

Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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State Street to Buy Charles River Systems

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State Street Corporation inked a deal to acquire Charles River Systems, Inc. (Charles River Development), a provider of investment management front office tools and solutions. Under the terms of the agreement, State Street will purchase Burlington, Massachusetts-based Charles River Development in an all-cash transaction for US$ 2.6 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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FINMA Announces Rothschild Bank Broke Anti-Money Laundering Rules over 1MDB Fiasco

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The Rothschild Bank AG and one of its units called Rothschild Trust (Schweiz) AG got slapped with serious violations of anti-money laundering in regard to the 1MDB scandal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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