Seun Oyegunle is set to take over the management of T. Rowe Price’s flagship Middle East & Africa (MEA) Equity strategy following the promotion of current portfolio manager, Oliver Bell.
Bell has been named as the associate head of international equity, a newly created role that will commence at the beginning of 2021.
In the meantime, Bell will gradually hand over responsibility of a number of emerging and frontier market funds including the MEA fund, which will be co-managed by Bell and Oyegunle from August 1 until the year-end.
The offshore T. Rowe Price Middle East and Africa Equity fund has been managed by Bell since 2011 and had $4.2 million in assets as of the end of June.
The decision to appoint a dedicated manager for both the MEA fund and the T. Rowe Price Frontier Markets Equity Fund, which will be managed by Johannes Loefstrand, was taken after a number of Gulf Cooperation Council (GCC) markets were upgraded from frontier to emerging market status by a number of index providers such as MSCI.
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