T. Rowe Price Fund Manager Plans to Leave

Richard Howard, longtime manager of the T. Rowe Price Capital Appreciation Fund, is leaving next month to join an insurance company, Investor News Service reported Thursday. Howard, who has run the $1.4-billion fund for Baltimore-based T. Rowe Price Group since 1989, will start work in the investment department at White Mountains Insurance Group in mid-September.

He will be succeeded at the Capital Appreciation fund by Stephen Boesel, a managing director at T. Rowe, Investor News Service said.

The fund, rated five stars by fund researcher Morningstar Inc., is up 8.3% in 2001. It ranks in the top 7% of its “domestic hybrid” fund peer group year-to-date, as well as for the trailing three-year, five-year and 10-year periods. Hybrid funds generally hold a mix of stocks, bonds, cash and convertible securities.