T Rowe puts Penrose on pensions brief

Investment house T Rowe Price is targeting the European and UK pension fund sector and has brought in Penrose Financial to provide comms support.

The move ends Gavin Anderson's five-year tenure,  only a month after T Rowe international PR head James McDonald said he would not review the relationship.

McDonald, who in January moved to T Rowe from Citigate Dewe Rogerson, said 'it was time for a change', adding that he remained on 'good terms' with GA.

The former CDR head of investment said in January that T Rowe was interested in Canada and the Baltic states, and might seek external PR support to promote new product lines. T Rowe manages £155bn for institutional and private investors.

In Q3 last year, T Rowe spent  £25.5m on promotion, according to Nielsen Monitor-Plus, compared with Fidelity Investments' £23.9m.
Fund managers have increased their promotional spend in recent years as equity markets recover.

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