Charles M. Royce to Become Senior Advisor at Royce Investment Partners

Rhea-AI Summary

Charles M. Royce, founder of Royce Investment Partners, will transition to a Senior Advisor role on September 30, 2024, after 51 years with the firm. This move is part of a strategic succession plan implemented over the past decade. CEO Chris Clark emphasized the plan's focus on adding investment talent, establishing multigenerational teams, and ensuring consistency in applying investment disciplines.

The firm has expanded its investment team, adding 15 professionals in the last five years. Mr. Royce will step down from his portfolio management responsibilities on several funds, including Royce Small-Cap Fund, Royce Premier Fund, and Royce Dividend Value Fund. Experienced portfolio managers will take over these responsibilities, maintaining continuity in the firm's small-cap investment focus.

Positive

• Implementation of a long-term strategic succession plan
• Addition of 15 investment professionals over the last five years
• Establishment of new leadership structures, including Management and Risk Committees
• Promotion of Co-Chief Investment Officers
• Continuity in small-cap investment focus maintained through experienced portfolio managers

Negative

• None.

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

FAQ

When will Charles M. Royce transition to his Senior Advisor role at Royce Investment Partners (BEN)?

Charles M. Royce will transition to his Senior Advisor role at Royce Investment Partners effective September 30, 2024.

How many years has Charles M. Royce been with Royce Investment Partners (BEN)?

Charles M. Royce has been with Royce Investment Partners for 51 years, having founded the firm in 1972.

How many investment professionals has Royce Investment Partners (BEN) added in the last five years?

Royce Investment Partners has added 15 investment professionals over the last five years.

Which funds will Charles M. Royce transition off from on July 31, 2024 at Royce Investment Partners (BEN)?

Charles M. Royce will transition off Royce Premier Fund and Royce Small-Cap Total Return Fund on July 31, 2024.

Who will become the lead portfolio manager of Royce Dividend Value Fund (BEN) after September 30, 2024?

Miles Lewis will become the lead portfolio manager of Royce Dividend Value Fund after September 30, 2024.