T. Rowe Price announced the promotion of Eric Veiel, head of global investments, as president on Tuesday, effective 1 June.

In the newly expanded role, Veiel is to drive strategy and adoption of technology to enhance the firm’s operational efficiency. This will be in addition to his leadership role as co-head of global investments and chief investment officer.

As part of the transition, Sébastien Page, currently head of global multi-asset and chief investment officer, will become co-head of global investments and chief investment officer, working alongside Veiel.

Wyatt Lee, currently head of target date strategies and co-portfolio manager of the firm’s target date portfolios, will become head of global multi-asset, effective 1 October.

Rob Sharps, chair and chief executive officer said: “Eric, Sébastien, and Wyatt are proven leaders with deep investments and market experience and a steadfast commitment to clients.”

“They have helped to shape the strategic direction of our firm, and I am confident that in their expanded roles they will position T. Rowe Price for continued success in the years ahead.”

Veiel said: “I am energized by what we can achieve as we bring the firm’s capabilities together even more deliberately.”

“We will stay true to what has long differentiated T. Rowe Price—independent research, active management, and a focus on clients—while continuing to modernize how we operate and innovate across the enterprise.”

Page said: “I am excited to partner with Eric and investment leaders around the world as we embed a more connected, outcome-oriented focus throughout the organization.”

“We are committed to delivering investment excellence and to creating solutions that meet clients’ needs in any environment.”