T. Rowe Price is launching its new Global Retirement Strategy team, led by former Deputy Assistant Secretary for the Department of Labor (DOL) Michael Davis.
According to the global investment management firm, the new team will focus on deepening engagement with retirement clients, along with coordinating global retirement initiatives and research. The team will also serve as a voice for T. Rowe Price on public policy discussions that include legislative and regulatory proposals.
“Our goal is to advance retirement security both domestically and around the world in support of our clients’ retirement priorities,” said Davis, who will lead the team as head of Global Retirement Strategy at T. Rowe Price, in a statement to 401(k) Specialist.
Davis declined to name any specific proposals but added that “the launch of this new team, however, is meant to help provide greater lift to these efforts and ensure that our voice is a notable one in the important debates that are of greatest interest to our clients.”
Davis joined T. Rowe Price in 2016 as the head of defined contribution (DC) plan specialists for the Americas institutional business in North America, and has held senior-level positions in the retirement industry throughout his career, including deputy assistant secretary for the DOL. He is also on the executive committee for the Defined Contribution Institutional Investment Association (DCIIA) and on the advisory board for the Aspen Institute Forum on Retirement Savings. Davis is a member of the firm’s Global Distribution Executive team. He reports to Dee Sawyer, head of Global Distribution for T. Rowe Price, and who is a member of the firm’s Management Committee.
The Global Retirement Strategy team is the latest installment in the firm’s effort to expand its retirement research. In April 2023, T. Rowe Price acquired retirement income fintech firm Retiree Inc. to further its retirement income capabilities.
T. Rowe Price manages $1.39 trillion in assets under management (AUM) as of November 30, 2023.
SEE ALSO:
- T. Rowe Price Buys Retiree, Inc. to Bolster Retirement Income Capabilities
- Dee Sawyer Named Head of Global Distribution at T. Rowe Price
- 3 Key Themes Shape 2023 Retirement Outlook: T. Rowe Price
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.