Legg Mason manager named best in U.S.
Legg Mason money manager Charlie Dreifus has been named U.S. Stock Fund Manager of the Year by research firm Morningstar.
Dreifus steered Legg Mason’s Royce Special Equity Fund to a 19.6 percent loss last year, ahead of a 37 percent loss by the Standard & Poor’s 500 index. The awards recognize managers who produce strong, long-term returns and adopt shareholder-friendly practices.
Mitt Romney returns to Marriott board of directors
Former presidential candidate and Massachusetts Gov. Mitt Romney has rejoined the board of directors of Bethesda-based Marriott International Inc., the company said Wednesday.
Romney previously served on the board from 1992 to 2002 when he resigned to run for Massachusetts governor. He will chair the board’s newly formed finance committee, overseeing the company’s financial performance and capital deployment.
T. Rowe Price launches new fixed-income fund
T. Rowe Price has launched the Strategic Income Fund, a new fund seeking high income and some capital growth by investing in as many as 12 asset classes, the Baltimore-based money manager announced this week.
The fund will invest at least 80 percent of its assets in income-producing investments, and as much as 65 percent of the fund can be invested in non-investment grade securities.
The fund will be managed by Steve Huber, former chief investment officer for the State Retirement and Pension System of Maryland.
– Compiled by Aaron Cahall
Clarification
A story in Wednesday’s edition referenced “Phantom stock” given to Constellation’s board of directors. The stock is an award, considered part of a director’s annual compensation.
