T Rowe Price, the asset management firm with $245bn (€205bn) of funds, has appointed Edward Bernard to take over the responsibilities of vice-chairman James Riepe, who is retiring at the end of the year.

Bernard joined the firm in 1988 and has worked closely with Riepe. Bernard will continue to report to chairman and president George Roche.

Carrie Ann Wharton in New York

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Riepe departs T Rowe Price

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