Openwork hands US mandate to T Rowe Price

Openwork hands US mandate to T Rowe Price

Adviser network Openwork has decided to hand the mandate for its £512m Omnis US equity fund, currently run by a BNY Mellon subsidiary, to T Rowe Price.

From August 7 Jeff Rottinghaus, a portfolio manager in T Rowe Price's US equity division, will run the fund, which is available to Openwork advisers via their platform relationships.

The portfolio, which launched in 2014, was previously run by Elizabeth Slover of BNY Mellon subsidiary The Boston Company.

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However according to FE Analytics it has underperformed its Russell 1000 Growth benchmark over three years, returning 64.4 per cent versus 80.8 per cent from the index.

Mr Rottinghaus currently manages the £309m (£240m) offshore T Rowe Price US Equity strategy. The fund has outperformed its S&P 500 benchmark and the IA North America sector average over three years, returning 79 per cent, versus 72 for the index and 63 per cent for the sector.

Philip Martin, marketing director at Openwork, said: "T Rowe Price has one of the most respected US equity teams in the industry and we are pleased to award the Omnis mandate to Jeff and the team.

“The centralised Omnis structure allows us to make the best and most appropriate decisions for our advisers and their clients, and we look forward to working with T Rowe Price as we continue to leverage our size and scale to secure high-quality fund management for our customers at a below-market price.”