T. Rowe Price has announced that Dean Tenerelli, manager of the European Equity and Continental European Equity fund, is to leave at the end of 2020, leading FundCalibre to remove the Continental fund's Elite Rating.
Current manager of the European Select Equity strategy, Toby Mueller, will join Tenerelli as co-manager of both funds from 1 July, before succeeding him as sole portfolio manager on 1 October 2020.
As a result of the change, the T. Rowe Price Continental European Equity fund will lose its Elite rating from FundCalibre due to Mueller's "short but good" track record.
Darius McDermott, managing director of FundCalibre, said: "Dean has been an excellent fund manager and it is a shame he is leaving, but we wish him well with whatever he decides to do next.
"Unfortunately, the fund will have to lose its Elite rating with Dean's departure. However, we will be meeting with Toby, who has a short but good track record on another European equity fund, and we will decide whether or not to award it an Elite Radar at our annual July investment committee meeting."
Chris Alderson, head of international equity, T. Rowe Price, added: "Dean is a respected investor and we thank him for his positive contributions to the firm and our clients. Having just completed his 20 years of service with T. Rowe Price we fully understand his wish to leave at the end of 2020 and take some time out before considering what he will do next.
"We are delighted to have someone of Toby's calibre to take over from Dean. Toby has established a strong investment track record at T. Rowe Price since joining the company eight years ago.
"We are confident that he will continue to build on that strong record for clients invested in our European Equity and Continental European Equity strategies in the future."