NEW
YORK, July 15, 2024 /PRNewswire/ -- Celebrating
his 51st year at Royce Investment Partners, Charles M. Royce will become a Senior Advisor at
Royce Investment Partners ("Royce") effective September 30th, 2024, after completing his
transition from day-to-day portfolio management responsibilities on
the remaining funds where he currently serves. Mr. Royce founded
the firm in 1972 with the acquisition of the management company
that had the advisory contract for Pennsylvania Mutual Fund (now
Royce Small-Cap Fund).
Chris Clark, Royce's Chief
Executive Officer said, "Chuck's transition is the culmination of a
strategic succession plan, at both the executive and investment
team levels, that has been in place for nearly a decade. It has
incorporated the addition of investment talent, the establishment
of multigenerational teams on our key Strategies, and substantial
collaboration between Chuck and our investment staff to ensure
consistency in the application of our time-tested investment
disciplines."
These plans saw the firm establish new leadership structures,
including Management and Risk Committees and the promotion of
Co-Chief Investment Officers. The firm has also worked diligently
during this period to add investment analysts and portfolio
managers.
Mr. Clark noted, "It was critical that we develop our investment
teams in a way that maintained and enhanced the substantial domain
knowledge and continuity of focus on the small-cap asset class. I'm
pleased to say that Royce now has the largest and most experienced
investment team in our history, having added 15 investment
professionals over the last five years, giving the firm our
strongest group ever."
Mr. Royce said, "The timing of this shift reflects the
confidence that Chris and I have in our investment teams and the
firm as a whole. I'm extraordinarily proud of what we've
accomplished together, especially our long-term investment
performance records, and in particular the 50-plus year record of
our flagship, Royce Small-Cap Fund (formerly Royce Pennsylvania
Mutual Fund). Because we have been laying the groundwork for
several years to ensure a smooth transition and a promising road
ahead, this is the appropriate time for me to step back from my
active involvement in portfolio management." In his Senior Advisor
role, Mr. Royce will continue to mentor our investment teams,
engage with clients, and offer comments on the small-cap
market.
Effective after the close of business on July 31st, 2024, Mr. Royce will transition off
two funds. On Royce Premier Fund, Lauren
Romeo and Steven McBoyle
continue as the Fund's co-lead portfolio managers, and Andrew Palen remains as assistant portfolio
manager. Miles Lewis remains lead
portfolio manager on Royce Small-Cap Total Return Fund, while
Joseph Hintz becomes portfolio
manager, and Jag Sriram becomes assistant portfolio manager.
Effective after the close of business on September 30th, 2024, Mr. Royce will transition
off two funds. On Royce Small-Cap Fund (formerly Royce Pennsylvania
Mutual Fund), Portfolio Managers Lauren
Romeo, Steven McBoyle,
Miles Lewis, Jay Kaplan, and Andrew
Palen will be joined by Co-Chief Investment Officer,
Francis Gannon. Also effective after
the close of business on September 30th,
2024, Mr. Royce will transition off Royce Dividend Value
Fund. Miles Lewis will become the
Fund's lead portfolio manager, joined by Joseph Hintz as portfolio manager and Jag Sriram
as assistant portfolio manager.
Effective after the close of business on September 30th, 2024, Mr. Royce will also
transition off Royce's three closed-end funds: Francis Gannon will join the portfolio
management team of Royce Small-Cap Trust (formerly Royce Value
Trust) with Portfolio Managers Lauren
Romeo, Steven McBoyle,
Andrew Palen, and George Necakov; James
Stoeffel will become lead portfolio manager of Royce
Micro-Cap Trust, with Brendan
Hartman remaining portfolio manager, and Andrew Palen joining as assistant portfolio
manager; and Steven McBoyle will
become portfolio manager of Royce Global Trust.
About Royce Investment Partners and the
Funds:
Royce Investment Partners is a small-cap
equity specialist offering distinct investment strategies with
unique risk/return profiles designed to meet a variety of
investors' needs. For over 50 years, our strategies have focused on
active, risk-conscious investing driven by deep, fundamental
company research. Royce Investment Partners is a subsidiary of
Franklin Resources, Inc. (NYSE: BEN). An investor should
consider the Fund's investment goals, risks, fees and expenses
before investing. A prospectus containing this and other
information is available at www.royceinvest.com.
Please read the prospectus carefully before investing or sending
money. Royce Fund Services, LLC is the distributor of The Royce
Fund and Royce Capital Fund.
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SOURCE Royce Investment Partners